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Food delivery firm Swiggy raises $43M to foray into new businesses

Author : Saipriya Iyer | Published Date : 2020-04-07 

Swiggy, a renowned Indian food delivery company, reportedly announced that it secured another $43 million in a new investment round, which is a part of a series round that started in February, as the company looks towards its expansion to new businesses. 

Existing investor of the company, Tencent, and new investors Ark Impact, Samsung Ventures, Mirae Asset Capital Markets, and Korea Investment Partners financed the new investment round. Previously in February, the company had secured $113 million from Prosus Ventures, the largest investor of the company, and from other investors as a part of the current round.

As per the credible sources, the new investment round has pushed five-year-old food delivery startup’s total capital raised to $1.42 billion to date and the total valuation of the company has now reached $3.6 billion. This investment round was led by Tencent with an investment of approximately $19 million, as per the figures disclosed by Swiggy.

The new investment of the company comes amidst the three-week-long lockdown announced by the Indian government for the whole country to control the spread of coronavirus. This lockdown has affected several businesses and food delivery is not an exception to the same. As companies grapple with disruption, most of them have started to explore new areas to serve consumers. Swiggy which is active across 520 cities, has expanded its delivery operations to grocery in select parts of India.      

Swiggy CFO, Rahul Bothra stated that the company has made a sustainable food delivery business since its inception, resolving various pain points of its consumer in the process. As the company continues to expand and strengthen its services to provide unparalleled convenience to its customers, the company is more than humbled by the trust shown by the company’s investors and welcome new investors to the company. The company’s aim remains to execute its vision while creating a sustainable path to profit. 

Swiggy’s primary rival Zomato has also secured new capital in recent months. Earlier in January 2020, the company secured $150 million in funding from Ant Financial.

 

Source credit: https://techcrunch.com/2020/04/06/indias-swiggy-raises-43m-to-expand-to-new-businesses/

 

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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