Swiggy raises USD 100 mn in Series F funding from Naspers, Meituan-Dianping

ANI | Updated: Feb 08, 2018 12:29 IST

New Delhi [India], Feb 8 (ANI): Food ordering and delivery platform Swiggy on Thursday announced receiving funding worth USD 100 million in Series F funding, led by Naspers and Meituan-Dianping.

With this new funding, Swiggy aims to further strengthen its market leadership position by introducing a host of unique and advanced products and services.

As part of its long-term strategy of solving for existing supply gaps in the marketplace, Swiggy will also make investments in its New Supply business line.

Boosting further expansion, Swiggy will also continue innovating its core technology platform especially in the areas of data-driven self-learning systems that leverage machine learning and artificial intelligence.

"We want to continue to bring convenience, choice and reliability to our users as we fulfill our mission of 'Changing the Way India Eats'," said CEO Swiggy, Sriharsha Majety.

He added that the funding will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing technology while keeping superlative customer experience at the core.

Since the last round of funding, Swiggy has introduced a slew of new initiatives like Swiggy Access, long-distance deliveries and Capital Assist to help restaurants serve consumers in new and more powerful ways. The company also strengthened its senior leadership with several additions to the team including those from the recent acqui-hire of gourmet food startup 48East.

"The company's performance is all the more impressive given the intense competition we see in the food ordering and delivery business in India. Swiggy has shown it has the ability to rise above the competition and create long-term relationships with its users," said CEO Naspers Ventures, Larry Illg.

Over the last three years, Swiggy has steadily leveraged its understanding of the Indian consumer to identify market gaps and introduce disruptive and differentiated service offerings.

The fastest food delivery service in the country, Swiggy's average delivery time is an industry benchmark of under 35 minutes. It has also unlocked the business potential of partner restaurants across eleven locations in India, including Delhi, NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru, Chennai, Ahmedabad, Jaipur and Chandigarh. (ANI)

iocl