Home
Apps
Apps News
Swiggy Raises $1 Billion in Naspers Led Funding Round, Now Said to Be Valued at Over $3 Billion

Swiggy Raises $1 Billion in Naspers-Led Funding Round, Now Said to Be Valued at Over $3 Billion

By Reuters | Updated: 20 December 2018 15:48 IST

Photo Credit: Facebook/ Swiggy

Highlights

We will use the funds to strengthen its technology backbone: Swiggy
Swiggy currently operates in more than 50 Indian cities
It has raised a total of $1.26 billion since it was founded in 2014

Online food delivery service provider Swiggy said it has raised $1 billion (roughly Rs. 7,000 crores) in its latest funding round, led by South African Internet giant Naspers.

Chinese tech giant Tencent Holdings, Hillhouse Capital and Wellington Management Company took part in the funding round, together with Swiggy's existing investors, DST Global, Meituan Dianping and Coatue Management.

Swiggy, based in the southern Indian tech hub of Bengaluru, is valued at a little over $3 billion (roughly Rs. 21,000 crores) after this funding round, a source familiar with the matter told Reuters.

The company did not immediately respond to an email seeking comment on the valuation.

Swiggy will use the funds to hire and strengthen its technology backbone, the company said.

The firm, which runs a mobile-based application and a website for food-delivery services, currently operates in more than 50 Indian cities.

It competes with homegrown Ola-owned Foodpanda, Uber's food delivery service, and China's Ant Financial Group-backed Zomato, which is valued at over $1 billion.

Swiggy has raised a total of $1.26 billion (roughly Rs. 8,800 crores) since it was founded in 2014, including the latest round.

© Thomson Reuters 2018

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.