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Swiggy raises $113 Million from existing investors led by Prosus

19 February 2020

Swiggy raises $113 Million from existing investors led by Prosus February 19, 2020: Swiggy, India’s largest food delivery platform, has raised $113 million as a part of its Series I funding round. The latest round is led by existing investor Prosus N.V. and includes participation from Meituan Dianping and Wellington Management Company.
 
As the pioneer and leader in food delivery in the country, Swiggy has invested significantly in category creation and has become one of the fastest growing and most loved consumer brands in India. The company’s strong focus on technology, brand and supply creation has played a key role in fueling the growth of the food category and ecosystem in India.
 
“Over the last couple of years at Swiggy we have made strong strides in our vision of delivering unparalleled convenience to urban consumers, and in building a fundamentally strong and enduring business while keeping the consumer at the core. We have become synonymous with exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business,” said Sriharsha Majety, CEO, Swiggy. “We are laser focused on continuing to execute on our vision while building a sustainable path to profitability.”
 
“When we first partnered with Swiggy three years ago, we recognized the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Swiggy has built a solid leadership position in India and is utilizing its strong logistics network and consumer loyalty to expand its offering to services that continue to make consumers lives more convenient,” said Larry IllgCEO, Prosus Ventures and Food (formerly Naspers Ventures and Food). “Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians.”
 
Having grown beyond food delivery, Swiggy aims to use the funds to further develop its new lines of business, addressing visible gaps in the market. The company will continue to invest in new growth areas (Stores, Go and SuprDaily) as it delivers on its promise of bringing unparalleled convenience to the lives of urban consumers.
 
Swiggy’s transaction numbers grew nearly 2.5x this past year. The restaurant partner base has also grown 4x to over 1.6 lakh partners with over 10,000 new restaurants being added every month. The platform currently has over 250,000 delivery partners across 520 cities - which means 1 in 4 Indians can now access Swiggy.
 
About Swiggy:

Founded in 2014, Swiggy is India’s leading on-demand delivery platform with a vision to elevate the quality of life for the urban consumer by offering unparalleled convenience. It connects consumers to over 160,000 restaurant partners across 520+ cities. Using innovative technology, Swiggy provides a hassle-free, fast and reliable delivery experience. Every order delivered by Swiggy’s fleet of 2.5 lakh+ active delivery partners engaged on a principal to principal basis, the largest in India, ensures a host of customer-centric features like lightning fast delivery, no minimum order value, live order tracking, and 24/7 customer support.
 
About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, payments and fintech, and food delivery sectors in markets including India, Russia and Brazil. Through its ventures team investments, in areas including edtech and health, Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to address big societal needs.
 
Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or built, including Avito, Brainly, BYJU’S, Codecademy, eMAG, Honor, iFood, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payments, Remitly, SimilarWeb, SoloLearn, Swiggy, and Udemy.

Similarly, hundreds of millions of people have made the platforms of its associates a part of their daily lives: Tencent (www.tencent.com; SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL), Ctrip.com International Limited (“Ctrip”) (NASDAQ:CTRP), and DeliveryHero (www.deliveryhero.com; Xetra: DHER).

Today, Prosus companies and associates help improve the lives of around a fifth of the world’s population.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the Johannesburg Stock Exchange (XJSE:PRX), and is majority owned by Naspers.

For more information, please visit www.prosus.com.
 

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