Swiggy, a leading food-delivery platform, recently announced that it has received funding of $1 billion in a new funding round that was led by Naspers. The new investors include Wellington Management, Hillhouse Capital, and China’s Tencent. Existing investors including Meituan Dianping, DST Global, and Coatue Management also participated in the funding round, with a few of the existing investors selling a part of the stake in the firm.
With this funding, Swiggy is valued at $3.3 billion, which is a significant jump from the company’s $1.3 billion valuation in June 2018, when it received $210 million as funding, and the $700 million valuation earlier this year, when the company received funding of $100 million.
The new funding will help Swiggy compete with Zomato. According to industry sources, Swiggy gets nearly 25 million orders per month, while Zomato gets between 16 and 17 million orders. In October 2018, Zomato raised a sum of $210 million from Ant Financial, with an estimated valuation of $2 billion.
Swiggy was founded by Mr. Sriharsha Majety in the year 2015 along with Mr. Nandan Reddy, who was his colleague from BITS-Pilani. The two of them later connected with Mr. Rahul Jaimini, an IIT Kharagpur alumnus, who joined as the co-founder and chief technology officer.
Sources: The Times of India, Moneycontrol