Swiggy raises $1 Billion, now valued at $3.3 Billion!

Swiggy $1bn funding

Swiggy, India’s food delivery startup just closed a round of $1 Billion in funding led by its existing investor – South African media giant Naspers, besides entry of new investors like China’s Tencent and hedge funds Hillhouse Capital and Wellington Management. 

Swiggy is currently the largest food delivery startup in the country which started its journey five years back and the $1 Billion round in funding is the largest ever for a food-tech industry in India!

Over the course of the year, Swiggy has $1.31 billion in three funding rounds which saw the company’s valuation swell by close to 5 times this year. The company was valued at $1.3 billion in June this year and $700 million in February. 

This will heat up the war in the food-tech industry with Swiggy’s biggest rival – Zomato also raising close to $410 million in the same year.

“Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners, invest in its technology backbone and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.”

Swiggy has opened up in an additional 42 cities since its last funding round and has expanded to a number to Tier-1, Tier-2 and Tier-3 cities across the country. This has led to a double up on its gross merchandising value just in the last six odd months.

The company is also looking to hire talent using the money it has raised to develop the AI Driven platform for hyperlocal discovery and on-demand delivery.

With Zomato recently caught in the soup with a delivery boy seen eating food out of the box he was supposed to deliver, it is advantage Swiggy on three grounds right now – quality, reliability and of course, funding!

Over the course of the year, Swiggy has $1.31 billion in three funding rounds which saw the company’s valuation swell by close to 5 times this year. The company was valued at $1.3 billion in June this year and $700 million in February. 

This will heat up the war in the food-tech industry with Swiggy’s biggest rival – Zomato also raising close to $410 million in the same year.

With Zomato recently caught in the soup of a delivery boy eating out of the box he was supposed to deliver, it is advantage Swiggy right now at least on two fronts – quality and reliability.

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