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Swiggy raises $16.5M from Norwest, SAIF and Accel

Swiggy
Credit: Nikhil Pahwa

Online food ordering and delivery startup Swiggy has raised Series B funding worth $16.5 million led by Norwest Venture Partners, with participation from existing investors SAIF Partners and Accel Partners and an undisclosed entity. Swiggy will use the funds for expanding to other cities and brand marketing. Swiggy expanded operations to Gurgaon and Hyderabad this year, where it claims to have partnered with over 200 restaurants in both cities. The company claims that over 50% of its daily orders are shifting from the website to its app (both Android and iOS). In April this year, the Bangalore-based service had raised $2.5 million from VC firm Accel Partners and SAIF Partners. The company had said then that it would use the funds towards hiring and expansion of the company to cities like Mumbai, Delhi and Chennai by end of this year. At that time, it took a percent of the order generated from the restaurants and tied up with over 300 restaurants, claiming to deliver over 1,000 orders daily. Founded in August 2014 by Sriharsha Majety, Rahul Jaimini and Nandan Reddy, Swiggy employs its own delivery personnel that uses an app powered by an algorithm on their smartphones to check for delivery routes. Swiggy says that this helps them provide users real time tracking of the order status. Because of its in-house fleet, Swiggy doesn't have a minimum order value. However, now it charges Rs 30 for orders below Rs 150. The company accepts online payments for all the restaurants that they work with.…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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