India-based food delivery service provider Swiggy raised $210m today in a series G round co-led by e-commerce and media group Naspers and investment firm DST Global, Reuters reported.
Local services platform Meituan Dianping and investment manager Coatue Management also participated in the round, which valued Swiggy at $1.3bn, a person familiar with the development told VCCircle.
Founded in 2014, Swiggy enables users to order food from local restaurants for gome delivery. It has formed partnerships with some 35,000 restaurants to date and employs 40,000 drivers across 15 cities.
The series G capital will help Swiggy bolster its supply chain and double the headcount in its technology team, with a view to building out its operations, personalisation and connected supply chain systems.
Swiggy has raised $465m to date, most recently securing $100m in a series F round led by Naspers and backed by Meituan Dianping in February 2018. Naspers had already led the company’s $80m series E round in May 2017.
Swiggy’s earlier backers include Norwest Venture Partners, Accel, Harmony Partners, RB Investments and SAIF Partners.
Telecommunications firm SoftBank and e-commerce company Flipkart were reported in November 2017 to be considering investments, but neither appear to have provided funding.
Larry Illg, CEO of Naspers subsidiary Naspers Ventures, said: “Swiggy has the best technology platform in the market and when combined with its business model, which caters to the unique demands of the Indian ecosystem, enables the company to deliver the best possible service to Indian consumers.
“This infusion of capital, making Swiggy the best-funded food delivery platform in India, ensures that ambitious plans for broadening their platform and expanding their reach across India will be realised.”