Mumbai Capital

Food delivery startup Swiggy raises $35 million

The Bengaluru-based food delivery startup Swiggy raised $35 million of funding from its new and existing investors. New investors participating in this round include the New York-based Harmony Partners and the Singapore-based RB investments.

The fund raising comes at a time when the going has not been easy in the last several months for delivery startups in India. Swiggy said newly received funds would be used to consolidate its position as a market leader and capture a larger share of the burgeoning $15-billion food delivery sector in India.

Apart from investment in top quality leadership, the funds would be used for technology upgrading, focussing on deeper vendor integration, reducing overall delivery time and cost and, enhancing customer experience, it added.

In eight cities

Swiggy is present in eight cities — Bengaluru, Gurgaon, Hyderabad, Delhi, Mumbai, Pune, Kolkata and Chennai — with over 5,000 restaurants listed on its platform.

Swiggy was founded by Sriharsha Majety, a BITS Pilani and IIMC alumnus, Nandan Reddy, BITS Pilani alumnus, and Rahul Jaimini from IIT Kharagpur.

The firm said its order count had grown over 20 times in the last few months but despite that it had maintained an average delivery time of 36 minutes per order.

Swiggy was advised by the Mumbai-based Avendus Capital on the latest transaction.

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Printable version | Jan 15, 2021 11:03:12 PM | https://www.thehindu.com/news/cities/mumbai/business/Food-delivery-startup-Swiggy-raises-35-million/article14005858.ece

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