Online food delivery platform Swiggy has raised $43 million as part of its ongoing Series I round to develop and expand its new businesses, according to multiple reports on Monday (April 6).
New investors included Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets. Swiggy raised a total of $1.42 billion across 11 rounds and has a valuation of more than $3.6 billion.
The initial Series I round in February raised $113 million, led by existing investor Prosus N.V. with participation from Meituan Dianping and Wellington Management Company.
“Swiggy has built a sustainable food delivery business over the years while solving various customer pain points,” Rahul Bothra, co-founder and chief financial officer at Swiggy, said in a statement. “As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year on year, and welcome the new investors on board. Our focus remains to execute on our vision while building a sustainable path to profitability.”
Swiggy has branched out beyond food delivery and will use some of the latest funding to advance new businesses that address market gaps.
Founded by Rahul Jaimini, Nandan Reddy and Sriharsha Majety in 2014, Swiggy has more than doubled the number of transactions it handles in the past year. The company also said it has quadrupled its number of restaurant partners and adds 10,000 new eateries each month. Swiggy now has more than 250,000 delivery partners across 520 cities.
The funding deal closed as most of the world, including India, is in the midst of a lockdown to stop the coronavirus pandemic.
Swiggy competitor Zomato raised $5 million last week led by Pacific Horizon Investment Trust, taking its valuation to $3.25 billion.
Competition in the food delivery space in India could intensify. In February, Amazon India was reportedly mulling getting into the industry in the near future.
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