Swiggy, a food delivery firm, raised funds amounting to $ 1 billion, today. With this funding round, the current valuation of the company stands at $ 3.3 billion.
Swiggy is the fifth startup company in India with the highest valuation amount and the largest in the India food tech industry.
Swiggy is a Bengaluru based company, which was started four years ago. The current investors of the food tech firm are Naspers Limited and Tencent Holdings Limited. Swiggy, with the huge funding, will focus on the development of its services and will hire new talents in machine learning and engineering fields.
Swiggy will also focus on bridging the existing gaps in supply and on enhancing the quality of food brands partnered with it.
Out of the $ 1 billion, 800 million dollars are fresh funds led by Naspers. Larry Illg, Chief Executive Officer (CEO,) Naspers, said, “Swiggy has ten times the number of orders per month since our first investment (made in 2017.)” He further added, “Our latest round of capital will help to accelerate Swiggy’s journey of providing unmatched convenience in food ordering and delivery for Indian consumers.”
Speaking about the goals of Swiggy, the Mr. Illg said, Swiggy is soon planning to enter the business of online pharma and grocery.
After today’s funding round, Swiggy could become a bigger threat to other food tech industry players such as Zomato, Foodpanda and Uber Eats.
Since the last funding round, which happened 6 months ago, Swiggy progressed by expanding to 42 more cities across India. It has expanded its delivery services in all the Tier I, Tier II and Tier III cities and is the most loved food delivery app in India.