Naspers, Africa’s biggest internet and media company, is co-leading a $210 million (R2.8 billion) investment into Swiggy, an online food ordering and delivery platform in India.
This is Naspers third investment in Swiggy, after leading the earlier $100m Series F and $80m Series E investment rounds.
This investment will enable Swiggy to quickly ramp up its supply chain network and expand to new markets, while investing in core capabilities that enhance consumer experience and the brand.
The company will also double its technology headcount.
Founded in 2014, Swiggy has launched itself to a leading position in the Indian food ordering and delivery market and continues to grow at a rapid pace.
With over 35,000 restaurants on its platform and a delivery fleet of more than 40,000 partners, the company has distinguished itself in the Indian food delivery space.
Swiggy has seen a three-fold increase in revenues in the last financial year and sets the industry benchmark for repeat orders and for delivery times of under 35 minutes.
“With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem,” said Sriharsha Majety, CEO, Swiggy.
“Continual trust from globally-reputed investors strengthen our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free.”