India-based food delivery service Swiggy has secured $43m in additional series I funding from a consortium led by $19m from internet group Tencent to increase the round to $156m, TechCrunch has reported.
Samsung Ventures, the corporate venture capital arm of consumer electronics manufacturer Samsung, also took part in the round, as did Ark Impact Asset Management, Korea Investment Partners and Mirae Asset Capital Markets.
Swiggy raised the first $113m in a February 2020 tranche led by Prosus Ventures, the corporate venturing arm of internet group Naspers’ consumer internet spinoff Prosus, and backed by local services portal Meituan Dianping and Wellington Management Company. The round values it at $3.6bn.
Founded in 2014, Swiggy provides an on-demand delivery service primarily aimed at food, in partnership with more than 160,000 restaurants across more than 520 Indian cities. Users can also subscribe for regular meal deliveries and order dishes prepared by a curated list of home cooks.
In addition to food, the company offers delivery of other consumer goods such as groceries. It will use the capital to expand its business into additional categories, as daily food orders have fallen amid India’s lockdown.
The series I round had been excepted to close at $150m according to earlier reports, down from an original target of $1bn that was set in June 2019.
Swiggy has picked up $1.62bn in funding to date, including $1bn in a series H round led by Naspers in December 2018 that also featured Tencent, Meituan Dianping, Wellington Management, DST Global, Coatue Management and Hillhouse Capital.
Naspers co-led Swiggy’s $210m series G round with DST Global six months earlier, investing together with Meituan Dianping and Coatue Management.
The company had already secured $100m in a Naspers-led series F round in February 2018 that was also backed by Meituan Dianping. Naspers also led its $80m series E round in 2017, marking its first investment in Swiggy.
Swiggy’s shareholders also include Accel, Harmony Partners, Norwest Venture Partners, RB Investments and SAIF Partners.
Image courtesy of Swiggy.
