Online dining platform Swiggy has raised $ 43 million (Rs 327 crore) in an ongoing Series 1 funding round led by existing investor Tencent, a Chinese internet giant. Ark Impact Asset Management, KIP (Korea Investment Partners) and MACM India Growth Fund are new investors. According to regulatory files accessed by
business intelligence company Tofler, Tencent invested Rs 142 crore, Ark Investment invested more than Rs 70 crore, and KIP Rs 35 crore and MACM Growth Fund invested Rs 14 crore. Regulations have not been reported for the remaining amount.
“Welcome new investors by continually strengthening and expanding services that provide unmatched convenience to consumers. Swiggy’s CFO, RahulBothra, said on April 6:
When this round began earlier this year, Naspersbacked was led by ProsusVentures and raised $113 million. Swiggy was worth $3.6 billion. The announcement by the
Bangalore-based company comes within days of rival Zomato raising $5 million in Pacific Horizon InvestmentTrust. After the media round, it is reported that Zomato is pegging at $3.25 billion. In the latest round, Swiggy is worth $3.65 billion.
In the Indian food delivery market, two major players are emerging, group gram based Zomato and Swiggy, claiming and fighting for a larger share of their business in India.
Founded in 2014, Swiggy works with restaurant partners of 1.6 lakhs to serve consumers in 520 domestic locations. In addition to Swiggy restaurant delivery, she runs her own cloud kitchen, grocery delivery, where you can order through the platform and the stores are also listed.
January Zomato acquired Allstock trading UberEats.
My name is Mayank Bansal I have a keen interest in writing about the latest happenings in business and market. I am a news writer at review minute.