Swiggy raises $80 million capital from a Series E funding round

Swiggy, the online food-delivery startup, has raised $80 million capital from new and existing investors in a Series E funding round. Naspers Ltd. was the leading new investor along with other existing shareholders including Accel Partners, SAIF Partners, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners. The startup is expected to use the freshly raised capital for improving its technology, including automation, data sciences, machine learning and personalization. Swiggy is among the best funded food-delivery startup in the country, second only to Zomato. It has raised $155 million equity and $8 million debt capital till now.

Sriharsha Majety, co-founder and CEO of Swiggy, said that “In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful consumer experiences. As the market leader, we are leveraging our deep understanding of the Indian consumer and the gaps in the market to introduce disruptive and highly differentiated service offerings”. The company operates in 8 cities across the country, and is also piloting its own kitchens in Bangalore.

In FY16, the startup recorded INR23 crore of revenues, multifold jump from INR12 lakh revenue figure last year. However, the losses also jumped to INR137 crore from a low of INR2 crore in FY15.