[Funding alert] Foodtech startup Swiggy raises $113M as part of its Series I round
Bengaluru-based foodtech unicornhas raised $113 million funding as a part of its Series I round. This round was led by Prosus N.V., with participation from Meituan Dianping and Wellington Management Company.
The startup said that the funding will be used to develop its new lines of business, with a focus on Stores, Go, and.
In a statement, Sriharsha Majety, CEO and Co-founder of Swiggy, said,
“We are laser focussed on continuing to execute on our vision while building a sustainable path to profitability. Over the last couple of years at Swiggy, we have made strong strides in our vision of delivering unparalleled convenience to urban consumers, and in building a fundamentally strong and enduring business while keeping the consumer at the core."
Claiming that the startup has become synonymous with exceptional customer experience, he added that Swiggy has created multiple growth avenues for its partners while investing in new lines of business.
Founders of Swiggy (L-R - Nandan Reddy, Rahul Jaimini and Sriharsha Majety)
The startup claimed that its transaction numbers have grown by nearly 2.5X this past year. It added that its restaurant partner base has also grown 4X to over 1.6 lakh partners, with over 10,000 new restaurants being added every month.
At present, the platform has over 250,000 delivery partners across 520 cities – which means that one out of every four Indians can now access Swiggy.
Talking about the investment, Larry Illg, CEO of Prosus Ventures and Food (formerly Naspers Ventures and Food), said, “When we first partnered with Swiggy three years ago, we recognised the Swiggy team had built a sustainable, long-term business that stood out amongst others in India. Swiggy has built a solid leadership position in India and is utilising its strong logistics network and consumer loyalty to expand its offering to services that continue to make consumers lives more convenient."
Last week, the foodtech startup announced the launch of BrandWorks, a platform to co-create delivery brands with restaurant partners. At present, the Bengaluru-based foodtech unicorn has 100 such brands on its platform that were co-created with 95 restaurant partners across 13 cities.
It will enable restaurant partners, with superior culinary capabilities and unutilised kitchen capacities, to co-create delivery-only brands to serve unmet consumer needs. With the launch of BrandWorks, Swiggy is targeting a 3X growth in the number of brands.
(Edited by Saheli Sen Gupta)