Online food ordering and delivery platform Swiggy has raised $100 million in Series F funding, its largest round till date, taking its total fund raise to $255.5 million.
Led by Naspers, which also led Swiggy’s previous round of $80 million last May, this Series also includes new investor Meituan-Dianping, China’s largest service e-commerce platform.
“As India’s leading food ordering and delivery platform with a network of thousands of restaurants and millions of users, Swiggy has become part of consumers’ everyday lives. We want to continue to bring convenience, choice and reliability to our users as we fulfil our mission of ‘Changing the way India eats’,” said Sriharsha Majety, CEO, Swiggy.
The funding will be used to further strengthen Swiggy’s leadership position by introducing a host of unique and advanced products/services. As part of its long-term strategy of plugging supply gaps in the marketplace, Swiggy will also make investments in its ‘New Supply’ business line and continue innovating its core technology platform, especially in the areas of data-driven self-learning systems that leverage machine learning and artificial intelligence.
“Swiggy has continued strong growth through 2017 and now has a clear lead in the market,” said Larry Illg, CEO, Naspers Ventures. “The company’s performance is all the more impressive given the intense competition we see in the food ordering and delivery business in India,” he added.
Swiggy claims to be the fastest food delivery service in the country, with an average delivery time of under 35 minutes.