Finance

Indian Swiggy raises $1 bln in a funding round led by South African Naspers Ventures

Friday, 21 December 2018 17:17
Indian Swiggy raises $1 bln in a funding round led by South African Naspers Ventures

(Ecofin Agency) - Swiggy, the largest food products distribution platform in India, raised $1 billion during a funding round led by the South African multimedia group Naspers Ventures. Six other investors participated in this funding round along Naspers Ventures.  

The Russian billionaire Louri Milner also took part in the operation via his venture capital fund DST Global. There was also the Chinese mobile firm Tencent Holdings, Asian management firm Hilhouse Capital Group, American Wellington Management Company, Chinese retailing company Meituan-Dianping, and the investor Coatue Management.

Founded four years ago, Swiggy partners with more than 50,000 restaurants in 50 countries. The Indian platform will use the funds to recruit and train its staff and technology network. It wants to create a new AI-based on-demand delivery platform.

"We first partnered with Swiggy in April 2017 because we recognized the Swiggy team had built a sustainable, long-term business that stood out. Now, nearly two years later, we have even more confidence that 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 and 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", said Larry Illg, CEO of Naspers Ventures.

Let’s note that this is the second investment realised by Naspers Ventures in Indian companies within two days. On December 18, 2018, the South African present in 120 countries co-invested $540 million in Byju’s along with the Canadian pension investment office (Office d’investissement du régime de pensions du Canada).

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