Online food delivery startup Swiggy said it has raised $ 100 million in a Series F funding round led by Naspers, the global internet and entertainment group. New investor Meituan-Dianping, China's largest group-buying and restaurant review service, has also participated in this round. This is the largest financing round yet for the Bengaluru-based company.
With this new funding, Swiggy said it will further strengthen its market leadership position by introducing a host of unique and advanced products and services. It will also make investments in its new supply business line to solve existing supply gaps in the marketplace.
“We want to continue to bring convenience, choice and reliability to our users as we fulfil our mission of ‘changing the say India eats’,” said Sriharsha Majety, CEO of Swiggy, in a statement.
Artificial Intelligence
Swiggy said it 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. The company said it will build on its adaptive, real-time prediction and optimisation systems. This will further improve consumer choice and personalisation, along with speed, volume and efficiency of deliveries, according to the firm. Currently, the company promises to deliver food in about 35 minutes.
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,” said Larry Illg, CEO, Naspers Ventures, in a statement.
Swiggy was founded by Birla Institute of Technology & Science Pilani alumni Sriharsha Majety and Nandan Reddy and Indian Institute of Technology Kharagpur graduate Rahul Jaimini in 2014. Mr. Majety had quit his job as a banker at Japan's largest investment bank Nomura. He then went on a backpacking trip by bicycle to Europe and founded a logistics platform for online retailers after returning to India. But he shut down that company.
Swiggy has now unlocked the business potential of partner restaurants across eleven locations in India, including Ahmedabad, Jaipur and Chandigarh. Its delivery executives use smartphones and an app powered by an algorithm for an efficient way of delivering food. Consumers can also discover popular restaurants and track their food orders in real time.