Online food delivery start-up Swiggy announced it had raised $210 million in its latest round of funding led by existing investor Naspers and new investor DST Global.
The latest investment follows a $100 million Series F round in February, also led by Naspers with participation of China’s Meituan-Dianping.
The company said it would also double its technology headcount to build for robust operations, deep personalization and connected supply chain systems. The start-up would invest in core capabilities that enhance consumer experience and the brand.
Swiggy CEO, Sriharsha Majesty said in a statement that “We will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem,”.
While Swiggy and Zomato are dominating this market, “Uber Eats and Ola-owned Foodpanda would also take the slice of this pie when they scale up,” said Ujjwal Chaudhry, engagement manager at the RedSeer Consulting.
According to a study, the online food delivery market in India which was $0.3 billion in 2016 is expected to touch $4 billion in 2020, according to RedSeer.
“Swiggy is transforming the way food is delivered in India,” said Saurabh Gupta, Managing Partner at DST Global, in a statement.
“This infusion of capital… ensures that ambitious plans for broadening their platform and expanding their reach across India will be realized,” said Larry Illg, CEO of Naspers Ventures.