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Swiggy raises $7M: report; Daily orders grow 3,400% over a year to 35k

swiggy

Online food delivery platform Swiggy has raised Rs 47 crore (a little over $7 million) from Norwest Venture Partners, DST Global and Accel Partners, with a valuation of $130 million, reports the Economic Times, based on information it found in ROC filings. We’ve written to the company for a confirmation and will update this if we hear from Swiggy.

1 million orders completed across India
Earlier this month, the company claimed to have made 1 million food deliveries in April. It also claims to have 6,300 restaurants listed across Bangalore, Mumbai, Delhi, Hyderabad, Delhi, Gurgaon, Pune, Kolkata and Chennai. Additionally, Swiggy says that it get an average of 35,000 orders daily, and is growing at 25% month on month.

Its regular users order 4-6 times monthly from the platform. Interestingly, last April, the company said that it was delivering a 1,000 orders daily. The company seems to have registered a 3,400% increase in the number of orders it got over the year.

Also read: TinyOwl & Roadrunnr to merge: report; Investor details

Earlier this week, the company added a “surge fee”, a convenience charge of Rs 20 per delivery on food orders placed on holidays, festivals and rainy days, when the availability of delivery boys is low. Swiggy co-founder Sriharsha Majety denied that Swiggy’s delivery personnel had fixed working hours, but did not divulge any other information:

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Previous fundings: In January, Swiggy raised Series C funding worth $35 million from new and existing investors for using across user acquisition, adding restaurants, tech upgrades, hiring etc. In June last year, the company raised Series B funding worth $16.5 million. In April 2015, it raised $2.5 million from Accel Partners and SAIF Partners. Swiggy was founded by Sriharsha Majety, Nandan Reddy and Rahul Jaimini in August 2014.

Swiggy charges for lead generation and delivery
The Economic Times report adds Nandan Reddy, co-founder of Swiggy, as saying that the company considers itself a market leader with features like live order tracking in its app, taking orders without a minimum value and having a fleet of delivery personnel which supposedly helps it maintain an order repeat frequency. It states that the average basket size of an order has increased to Rs 375 without stating the previous basket size or mentioning the growth in percentage. Reddy further states that Swiggy charges its partner restaurants for lead generation as well as delivery, amounting to 25% of the overall order. When MediaNama asked Reddy Swiggy’s diversification plans in January, he said that the company planned to enable deliveries within 15 minutes sometime this year.

Also read:
Zomato’s learnings from its food ordering biz – Pankaj Chaddah, Zomato co-founder
Foodpanda app orders accounted for 53% of 22.6M orders in 2015

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Written By

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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