Business

Swiggy raises $113mn from existing investors

The latest round is led by existing investor Prosus N.V. and includes participation from Meituan Dianping and Wellington Management Company.

Food delivery platform Swiggy on Wednesday said that it has raised $113 million as part of its Series I funding round.

The latest round is led by existing investor Prosus N.V. and includes participation from Meituan Dianping and Wellington Management Company.

“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,” said Sriharsha Majety, CEO, Swiggy.

Swiggy’s transaction numbers grew nearly 2.5 times this past year.

 

Its restaurant partner base has also grown 4 times to over 1.6 lakh partners with more than 10,000 new restaurants being added every month, informed the company.

The platform currently has over 250,000 delivery partners across 520 cities.

“Swiggy has built a solid leadership position in India and is utilising its strong logistics network and consumer loyalty to expand its offerings to services that continue to make consumers’ lives more convenient,” said Larry Illg, CEO, Prosus Ventures and Food (formerly Naspers Ventures and Food).

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Printable version | Apr 7, 2020 11:30:38 PM | https://www.thehindu.com/business/swiggy-raises-113mn-from-existing-investors/article30867653.ece

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