Food delivery platform Swiggy has raised $113 million as part of its Series I funding round led by existing investor Prosus NV. The round also saw participation from Meituan Dianping and Wellington Management Company.
Swiggy aims to use the funds to further develop its new lines of business, addressing visible gaps in the market. The company also said in a statement that it will continue to invest in new growth areas (Stores, Go and SuprDaily).
Sriharsha Majety, CEO of Swiggy said in a statement that Swiggy is now laser focused on continuing to execute on its 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. We have become synonymous with exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business,” he added.
Swiggy claims that its transaction numbers grew nearly 2.5x this past year. The restaurant partner base has grown 4X to over 1.6 lakh partners with over 10,000 new restaurants being added every month. The platform currently has over 250,000 delivery partners across 520.
“When we first partnered with Swiggy three years ago, we recognized 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 utilizing its strong logistics network and consumer loyalty to expand its offering to services that continue to make consumers lives more convenient,” said Larry Illg, CEO, Prosus Ventures and Food (formerly Naspers Ventures and Food).
“Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians,” he added.