Earlier on Thursday, Swiggy raised $1 billion in funding round led by Naspers and After the evaluation, the food delivery service is ready to take on multinational players in the industry such as Zomato and FoodPanda. In announcing this news, Swiggy said it had signed $1 billion final deals and brought investors together Tencent, Hillhouse Capital and Wellington Management Company.
According to people familiar with the changing situation, this new round of funding will increase Swiggy’s Valuation, with the food delivery service now valued $3.3 billion! The new funding round will not only improve the quality of food delivered by Swiggy, but also fill the gaps in the food delivery sector.
In addition, these funds will also be used to recruit new talent, particularly in the areas of machine learning and engineering roles by mid and senior levels.
In addition to improving the current quality of Swiggy, the company will use this new funding to strengthen its presence in a new field of business. On April 2017 When Swiggy Got its first round of funding from Naspers, the investors did not know that they would see the company’s growth so massive. Over the last year, the online food delivery service has grown so much that now they are considering entering the pharmaceutical and grocery industry online!
“Swiggy has received 10 times more orders per month since our first investment, spreading across India to tier 1, 2 and 3 cities and, most importantly, is the most popular food delivery brand in India, which provides the best possible service to consumers in the country, “said Larry Illg, CEO, Food and Ventures, Naspers, with three major fundraisers since 2017, Swiggy has expanded to 42 cities in India.