Swiggy has announced that it has executed definitive agreements for a US$ 1 billion Series H round of funding led by existing investor, Naspers. The round includes participation from several existing investors including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital, and Wellington Management Company. Swiggy’s latest fundraising round is the single largest in India’s food technology sector to date. Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners. Additionally, Swiggy will use the capital to hire talent, especially for machine learning and engineering roles across mid and senior levels. The company will further strengthen its technology and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery. Since the last funding round six months ago, Swiggy has expanded to 42 additional cities and doubled in gross merchandise value. Swiggy’s expansion follows a conscious effort to grow in a sustainable manner, ensuring unmatched consumer experience, unprecedented demand for its restaurant partners and sustainable earnings for close to 120,000 active delivery partners. Sriharsha Majety, CEO, Swiggy said: Swiggy has been at the forefront of elevating the potential of Indian ...
Read Here»
Post a Comment Blogger Facebook
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. As the comments are written and submitted by visitors of The Sheen Blog, they in no way represent the opinion of The Sheen Blog. Let's work together to keep the conversation civil.