Swiggy, the online food ordering and delivery platform, has raised $80 million in Series E funding led by global internet and entertainment group Naspers, along with participation from existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners. Ashutosh Sharma, head of investments in India for Naspers will join the Swiggy Board, the company said in a statement. The funds raised will be used for introducing a suite of new product and service offerings by the company. Swiggy also announced that it plans to double its technology headcount and increase investments in core engineering, automation, data sciences, machine learning, and personalization. The company plans to hire middle and senior leadership members to double its engineering team by 2018 to 200 people, as reported by ETTech. The platform currently has 12,000 partner restaurants in eight cities and claims it had a six-fold increase in revenues last year. The company has been valued at $400 million as part of the current round. The publication further added that the company had reduced delivery cost by 35%. Swiggy’s losses for FY 2015-16 was Rs 137.18 crore a 65 fold increase from Rs 2.12 crore in FY 2014-15. Note that in December Swiggy started charging delivery charges for orders below Rs 250. In January this year, it started ‘The Bowl Company’ to provide its own kitchen space to restaurants to offer some items in areas where the restaurant does not have a physical presence. Earlier Funding In September last year, Swiggy raised…
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