Swiggy, India’s online food delivery platform, raises $1.25 billion or R18 billion funding led by Prosus and SoftBank. This investment will further accelerate Swiggy’s strategy of growing its core food delivery business and building new food and non-food offers in 2021 and beyond.
To support this, Swiggy will enhance its capabilities in technology and AI, and strengthen teams across Engineering, Product, Data Science and Analytics as well as in business and supply chain for its newer initiatives.
Founded in 2014, Swiggy is leading the hyperlocal delivery market in India, connecting consumers to over 150,000 restaurant partners and stores in over 500 cities. Its instant grocery delivery service, Instamart, is growing rapidly to create the convenience grocery category within India’s massive grocery delivery segment. Swiggy has also expanded its pick-up and drop service, Swiggy Genie, to 65 cities and deepened the presence of its meat delivery service in key markets.
“As a long-term investor in Swiggy, we are continually impressed by the solid business that Swiggy has built, standing out amongst others in India. 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, Prosus Food.
“Prosus has one of the most comprehensive views of food delivery globally given the reach of our portfolio and Swiggy continues to exhibit strong execution and has one of the best operational teams in food delivery globally. We are confident Swiggy is on a path to build one of the most admirable Indian companies, positively affecting the lives of Indian consumers on a daily basis.”
Prosus entered the food delivery market in 2013 and first invested in Swiggy in 2017. Prosus now has leading food marketplaces (3P) and first-party (1P) businesses globally in its portfolio. Today, Prosus’s food delivery businesses, including Delivery Hero, iFood and Swiggy, as well as recent investments in Wolt, Oda and Flink, are present in 69 markets around the world.