Naspers Limited said it made an additional investment in Swiggy, an online food ordering and delivery platform in India.
The Series G investment round is expected to close upon satisfaction of customary closing conditions. The participation in this US$210m Series G funding round is Naspers’ third investment in Swiggy, after leading the earlier $100m Series F and $80m Series E investment rounds.
The latest round will enable Swiggy to quickly ramp up its supply chain network and expand to new markets, while investing in core capabilities that enhance consumer experience and the brand. The company will also double its technology headcount.
Founded in 2014, Swiggy has launched itself to a leading position in the Indian food ordering and delivery market and continues to grow at a rapid pace. With over 35,000 restaurants on its platform and a delivery fleet of more than 40,000 partners, the company has distinguished itself in the Indian food delivery space. Swiggy has seen a three-fold increase in revenues in the last financial year and sets the industry benchmark for repeat orders and for delivery times of under 35 minutes.
“We’re thrilled to have grown the online food delivery market in India at an exponential rate, always keeping our consumers at the helm. With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem,” said Sriharsha Majety, CEO, Swiggy. “Continual trust from globally-reputed investors strengthen our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free.”
“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,” said Larry Illg, CEO of Naspers Ventures. “This infusion of capital, making Swiggy the best-funded food delivery platform in India, ensures that their ambitious plans for broadening their platform and expanding their reach across India will be realized.”
In addition to Swiggy, Naspers has expanded its food delivery portfolio by investing in companies with leading businesses in 40 countries around the world. This includes Delivery Hero, a leading online food ordering and delivery platform in 36 countries, and iFood, a leading food delivery business in Brazil and Mexico. The food delivery market globally is underpenetrated, presenting big growth opportunities that are well-aligned with Naspers footprint.
Global trends including increases in urban population, smartphone usage, middle class spending, a growing youth population and mobile payments will fuel additional growth in online food delivery businesses around the world.