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Online food delivery platform Swiggy has raised $100 million (approx Rs 642 crore) in series F funding, led by global internet group and technology investor Naspers and China’s e-commerce platform Meituan- Dianping.
With this new funding, Swiggy intends to strengthen its market leadership position by introducing a host of unique and advanced products and services. As part of its long-term strategy of solving the existing supply gaps in the marketplace, Swiggy will also make investments in its new supply business line.
According to the company, its revenue has increased 500 per cent in the last financial year and its order volumes have nearly double since its previous funding in May 2017. In the last five rounds of funding, Swiggy had raised $155.5 million. The current round of funding is its largest round yet.
Naspers has also invested into the parent company of Swiggy’s rival foodpanda, Delivery Hero. Other investors in the company include Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.