Categories: Investments

India’s Swiggy Lands $43B To Continue Branching Out Beyond Food Delivery

Online food delivery platform Swiggy has raised $43 million as part of its ongoing Series I round to develop and expand its new businesses, according to multiple reports on Monday (April 6).

New investors included Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets. Swiggy raised a total of $1.42 billion across 11 rounds and has a valuation of more than $3.6 billion.

The initial Series I round in February raised $113 million, led by existing investor Prosus N.V. with participation from Meituan Dianping and Wellington Management Company.

“Swiggy has built a sustainable food delivery business over the years while solving various customer pain points,” Rahul Bothra, co-founder and chief financial officer at Swiggy, said in a statement. “As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year on year, and welcome the new investors on board. Our focus remains to execute on our vision while building a sustainable path to profitability.”

Swiggy has branched out beyond food delivery and will use some of the latest funding to advance new businesses that address market gaps.

Founded by Rahul Jaimini, Nandan Reddy and Sriharsha Majety in 2014, Swiggy has more than doubled the number of transactions it handles in the past year. The company also said it has quadrupled its number of restaurant partners and adds 10,000 new eateries each month. Swiggy now has more than 250,000 delivery partners across 520 cities.

The funding deal closed as most of the world, including India, is in the midst of a lockdown to stop the coronavirus pandemic.

Swiggy competitor Zomato raised $5 million last week led by Pacific Horizon Investment Trust, taking its valuation to $3.25 billion.

Competition in the food delivery space in India could intensify. In February, Amazon India was reportedly mulling getting into the industry in the near future.

Get our hottest stories delivered to your inbox.

Sign up for the Newsletter to get updates on top stories and viral hits.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.