Swiggy has raised $1 billion in funding led by Naspers, with participation from new investors Tencent, Hillhouse Capital and Wellington Management Company, and existing investors DST Global, Meituan Dianping and Coatue Management.
Swiggy will use the funds for expanding its supply through “Access”, the delivery only kitchens and hire across engineering and machine learning positions in mid and senior level roles, it said in a statement.
Swiggy last raised $210 million in a round led by Naspers and DST Global in June this year and its total funding now comes to $1.26 billion in all.
Metrics and developments
- Naspers’ CEO for food and ventures Larry Illg said that Swiggy has had 10x the number of orders per month since Naspers first invested in the company.
- Swiggy claims to have doubled its gross merchandise value (GMV) in the last 6 months.
- Soon after raising its previous round of funding, it launched its own membership program Swiggy SUPER, with 1-month and 3-month subscription plans.
- It has 120,000 delivery personnel and claims to have 50,000 restaurant partners across 50 cities. Last month, the company said that it would hire 5,000 women delivery personnel over the next 5 months.
- It appointed Vivek Sundar as its first COO in July.
- The same month, it appointed Dale Vaz as its new head of engineering and data sciences.
- In the last 6 months, Swiggy has expanded to 26 new cities.
In August, Swiggy also acquired cash-strapped Mumbai-based delivery startup Scootsy in all-cash deal for an undisclosed amount. A MoneyControl report pegged the amount at Rs 50 crore. Scootsy delivered items across food, bakery, groceries, stationery, fashion, home decor, curated craft, gift stores, electronic stores etc.