Food delivery company Swiggy has mopped up $1 billion in funding led by existing investor, Naspers. Naspers, the South African investment giant, is back at it again in India. New investors are Tencent and hedge funds Hillhouse Capital and Wellington Management.
Swiggy is one of the few in the billion dollar round club. This deal is the largest investment in a food delivery company outside of China. Others who raised their funds by $1 billion include Flipkart, which is now owned by Walmart, fintech startup Paytm, and OYO. This got the investment from SoftBank’s Vision Fund, Southeast Asia’s Grab and others in September.
Swiggy was founded in 2014. Swiggy has tie up with more than 50,000 restaurants in more than 50 cities in India. Earlier the number of restaurants was 35,000 restaurants six months ago.
The company has plans for using this capital. In a statement company spokesperson said that Swiggy is planning to spend this capital for hiring machine learning and engineering talent, and further its AI technology to improve services.
This deal takes Swiggy to $1.26 billion raised to date. That most recent June-round was $210 million at a $1.3 billion valuation.
The deal is a real triple down on India and Swiggy from Naspers, which has just seen the valuation of Byju’s soar to some $3.7 billion up from under $1 billion last year and first backed Swiggy in February before going back for more in June.