Business Other News 31 May 2017 Swiggy raises $80 mi ...

Swiggy raises $80 million in Series E funding

PTI
Published May 31, 2017, 12:47 am IST
Updated May 31, 2017, 12:48 am IST
The funds will help Swiggy introduce new products and service offerings to enhance its customer experience, it said.
Naspers has also invested into the parent company of Swiggy’s rival foodpanda, Delivery Hero.
 Naspers has also invested into the parent company of Swiggy’s rival foodpanda, Delivery Hero.

New Delhi: Online food delivery platform Swiggy on Tuesday said it has raised $80 million in series E funding led by global internet group and tech investor Naspers.

The funding saw participation from other existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.

 

The funds will help Swiggy introduce new products and service offerings to enhance its customer experience, it said. Naspers has also invested into the parent company of Swiggy’s rival foodpanda, Delivery Hero.

The food ordering platform also said it plans to double its tech headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation.

Besides, the firm said Ashutosh Sharma, head of investments in India for Naspers will join the board.  Commenting on the development, Mr Sharma said, “Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling.

“In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful customer experiences. This investment by Naspers is further testimony to Swiggy's vision and performance,” Swiggy co-founder Sriharsha Majety said.

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