Swiggy was founded by BITS-Pilani alumni Sriharsha Majety, along with college friend Nandan Reddy and Rahul Jaimini (centre), an IIT-Kharagpur graduate
Online food ordering marketplace Swiggy on Monday announced that it has raised $15 million (approximately Rs 100 crore) in a Series D round led by US-based venture capital firm Bessemer Venture Partners. Existing investors (Accel Partners, SAIF Partners and Norwest Venture Partners), also participated in the fresh round of funding. Earlier this year in January, the Bengaluru-based startup raised $35 million.
The recently raised fund will be utilised to fuel the company’s expansion plans, technology upgrades and for better delivery efficiency. So far, Swiggy has raised a total funding of $75.5 million across four rounds.
“Our strong growth in the last few months shows that our customers are increasingly becoming accustomed to a new behaviour of ordering food for the experience, rather than only for convenience. Our vision is to change the way India eats and we want to be the top of mind recall for the users,” said Sriharsha Majety, co-founder and CEO, Swiggy.
Since its launch in 2014, Swiggy has grown rapidly. The company said to ramp up its the next phase of growth, it has recently hired vice presidents across functions such as marketing, product, HR, design and finance.
Currently, the food-tech startup, is present across eight cities in India with over 9,000 restaurants on its platform. The company was founded by BITS-Pilani alumni Sriharsha Majety, along with college friend Nandan Reddy and Rahul Jaimini, an IIT-Kharagpur graduate.