Swiggy raises another $43m in Series I round, gets valued at $3.65bn

Online food delivery platform Swiggy has raised $43 million (Rs 327 crore) in its ongoing Series 1 funding round led by existing investor Chinese internet giant Tencent. Ark Impact Asset Management, Korea Investment Partners (KIP) and MACM India Growth Fund are the new investors.

According to regulatory filings accessed from business intelligence firm Tofler, Tencent has pumped in Rs 142 crore, Ark Investment more than Rs 70 crore, KIP Rs 35 crore and MACM Growth Fund has put in Rs 14 crore. Regulatory filings have not been done for the remaining amount.

“As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers…we welcome the new investors on board. Our focus remains to execute on our vision while building a sustainable path to profitability,” said Swiggy CFO Rahul Bothra said on April 6.

Earlier this year, when this round was initiated, the Naspers-backed company raised $113 million, led by Prosus Ventures. It had valued Swiggy at $3.6 billion.

The announcement from Bengaluru headquartered company comes within days of rival Zomato raising $5 million from Pacific Horizon Investment Trust. Media reports pegged Zomato's value at $3.25 billion post the round.

The latest round values Swiggy at $3.65 billion.

The Indian food delivery market has seen the emergence of two major players Gurugram-based Zomato and Swiggy, which are fighting for a larger share of the business in India.

Founded in 2014, Swiggy works with 1.6 lakh restaurant partners and serves consumers across 520 locations in the country. Besides restaurant delivery, Swiggy operates its own cloud kitchens, grocery delivery and also lists out shops in the vicinity where orders can be placed through the platform.

In January, Zomato had acquired Uber Eats in an all-stock deal.

Original Source: https://www.moneycontrol.com/news/business/startup/swiggy-raises-another-43m-in-series-i-round-gets-valued-at-3-65bn-5112371.html