India-based online food ordering company Swiggy raised $16.5m today in a series B round led by Norwest Venture Partners, the venture capital firm funded by bank Wells Fargo.
The round also included SAIF Partners and Accel Partners, the VC firms that provided $2m in seed funding for Swiggy in April this year, and an undisclosed global investor.
Reports last month suggested Norwest had invested $15m in Swiggy, but the company has not revealed whether that funding, or the April seed round, was included in the series B figure.
Swiggy initially launched its online food delivery service in Bangalore in August 2014, and has since expanded to the cities of Gurgaon and Hyderabad. In addition to the ordering platform, it also owns its own delivery fleet, which it maintains enables it to offer a superior user experience.
The company intends to spend the series B capital on enhancing its brand and entering new markets in India.
Sumer Juneja, principal at Norwest subsidiary NVP India, said: “As part of Norwest’s investment focus on food tech and food services, we have been tracking Swiggy for a long time, and have been extremely impressed with the quality of the team, the company’s rapid growth and strategic execution.
“The company’s differentiated product offering includes delivery, which enables Swiggy to deliver a truly end-to-end service for consumers and restaurants in India.”