Swiggy receives $ 43 million in additional funds
Bangalore: Swiggy, the largest online food delivery company, has raised more than $ 43 million in additional funds from sponsors such as South Korea's Samsung Ventures, Mirae Asset Capital Markets, Korea Investment Partners in addition to existing sponsor Tencent, bringing the total capital in this round to $ 156 million.
In February, Swiggy had been backed by existing investors such as Prosus, along with China's Meituan Dianping and United States-based asset manager Wellington, valuing the company at $ 3.6 billion.
The new round comes at a time when orders in the food delivery space have dropped by 70-80% due to the blockade, which also caused service interruptions as delivery people were beaten by police in many areas. At the same time, it is also seeing an increase in demand for new businesses, such as the SuprDaily micro-delivery platform and grocery supplies through Swiggy Stores. But Swiggy's valuation, which was set at around $ 3.3 billion in December 2018 after raising $ 1 billion, was already sobering, rising less than 10% to $ 3.6 billion after including the base of employee stock options in the current round. Swiggy's rival Zomato is also currently raising his new round of financing.
Swiggy has built a sustainable food delivery business over the years while addressing various customer weaknesses ... Our goal continues to be to execute on our vision while building a sustainable path to profitability, said Rahul Bothra, CFO of Swiggy .