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Naspers, a global internet and entertainment group and one of the largest technology investors in the world has announced that it has executed definitive agreements to lead a USD one billion Series H round in Swiggy with a US$660m investment.
The round includes participation from several existing investors including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital and Wellington Management.
Naspers’ investments and operations in India include online classifieds business, OLX; MakeMyTrip, the leading online travel company; and payments company, PayU.
Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners. Additionally, Swiggy will use the capital to hire top-notch talent, especially for machine learning and engineering roles across mid and senior levels.
The company will also strengthen its technology backbone and focus on building the next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.
Sriharsha Majety, CEO, Swiggy said, “Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians. As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we’re pleased that visionary global investors share our purpose and have made such a significant investment in our future.”
Larry Illg, CEO Food and Ventures, Naspers said, “We first partnered with Swiggy in April 2017 because we recognized the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country. Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide. Our latest round of capital will help to accelerate Swiggy’s journey towards its vision of providing unmatched convenience in food ordering and delivery for Indian consumers.”
In addition to Swiggy, Naspers has expanded its food delivery portfolio over the past several years by investing in companies with leading businesses in 40 countries around the world. The portfolio also includes Delivery Hero, a leading online food ordering and delivery platform in 36 countries, iFood, a leading online food delivery business in Brazil and Mexico and Mr. D Food, the leading online food delivery business in South Africa.