Food delivery startup Swiggy, the unicorn startup of the country continues to attract investors. This time, the company has bagged $1 billion investment that was led by South African technology conglomerate Naspers and Tencent Holdings.
Hillhouse Capital and Wellington Management were the new entrants who along with existing backers DST Global, Meituan Dianping and Coatue also participated in the round. The fresh investment takes the total amount raised by the Bangalore-based company run by Bundl Technologies Pvt. Ltd to $1.26 billion.
The company said that it plans to add more quality food brands on the platform. The company will use the capital to work on their ‘Access’ initiative for restaurant partners as well. Naspers' Larry Illg, chief executive officer (food and ventures) commenting on the development said, “We first partnered with Swiggy in April 2017 because we recognized the Swiggy team had built a sustainable, long-term business, that stood out among others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country."
Talking further on the growth of the company “Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to Tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide." “Our latest round of capital will help to accelerate Swiggy’s journey of providing unmatched convenience in food ordering and delivery for Indian consumers,” he added.
The company was started in 2014 by Nandan Reddy, Sriharsha Majety, and Rahul Jaimini. Majety, the CEO of the firm talking about getting capital from some top names from the world said, As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we’re pleased that visionary global investors share our purpose and have made such a significant investment in our future."