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food delivery app swiggy raises 100 mn from

Food delivery app Swiggy raises $100 mn from

Naspers, Meituan-Dianping

Online food delivery platform Swiggy has raised $100 million (approx Rs 642

crore) in series F funding, led by global internet group and technology investor

Naspers and China's e-commerce platform Meituan- Dianping.

Meituan-Dianping is a new investor in Swiggy.

With this new funding, Swiggy said it will strengthen its market leadership

position by introducing a host of unique and advanced products and services.

As part of its long-term strategy of solving for existing supply gaps in the

marketplace, Swiggy will also make investments in its new supply business line,"

the company said.

"With this funding, we will further invest in building differentiated offerings,

plugging the white spaces in the ecosystem, and developing our technology while

keeping superlative customer experience at the core," Swiggy CEO Sriharsha

Majety said.

swiggy says its revenue has increased

Swiggy says its revenue has increased 500 per cent in the last financial year and its

order volumes have nearly double since its previous funding in May 2017.

In the last five rounds of funding, Swiggy had raised $155.5 million.

The current round of funding is its largest round yet.

Naspers has also invested into the parent company of Swiggy's rival foodpanda,

Delivery Hero.

Other investors in the company include Accel India, SAIF Partners India, Bessemer

Venture Partners, Harmony Partners and Norwest Venture Partners.

Article By - Business Standard