Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

Must Read

After its rival Zomato witnessed a mega IPO last week, Swiggy on Tuesday announced the closing of a $1.25 billion (over Rs 9,357 crore) fundraise led by SoftBank Vision Funds 2 and its long-term investor Proses, one of the largest technology investors in the world.

The food delivery platform said that the fresh investment would further accelerate its multi-year strategy of growing its core food delivery business and building new food and non-food adjacencies in 2021 and beyond, as it expects the total addressable market for convenience to grow to 500 million users in the next decade.

Also Read

Swiggy said it will enhance its capabilities in technology and artificial intelligence (AI), and strengthen teams across engineering, product, data science, and analytics as well as in business and supply chain for its newer initiatives.

The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category. Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a short span, especially in the past 15 months of the pandemic, – Sriharsha Majety, CEO, Swiggy.

The Swiggy funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with participation by existing investors, Accel Partners, and Wellington Management.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

In addition, Swiggy welcomed new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments, and Carmignac.

The company said that the fundraise was heavily oversubscribed following strong interest from investors, and comes on the back of its rapid recovery from the impacts of Covid-19 and subsequent growth in 2020-21.

“We are excited to partner with Swiggy as they increase their service offerings and daily consumer touchpoints in the rapidly developing digital economy,” said Munish Varma, Managing Partner, SoftBank Investment Advisers.

Swiggy has expanded its pick-up and drop service, Swiggy Genie, to 65 cities and deepened the presence of its meat delivery service in key markets.

Supr Daily, Swiggy’s daily grocery delivery service, is now present across major cities, the company said.

“I believe the next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and our target segment for convenience grows to 500 million users,” said Majety.

To relieve some of the stress of the Covid-19 pandemic, Swiggy launched the Jumpstart program, supporting over 50,000 restaurants last year.

Founded in 2014, Swiggy currently connects consumers to over 1,50,000 restaurant partners and stores in over 500 cities.

“Swiggy has a steadfast commitment to delivering unparalleled service to consumers, fulfilling their needs across a range of services, while striving to be the most desirable platform for restaurants and delivery partners,” said Larry Illg, CEO, Proses Food.

Save up to 60% on OptinMonster

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -