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According to people familiar with the development, this new round of funding will see an increase in Swiggy’s valuation, with the food delivery service now being valued at $ 3.3 billion! The new round of funding is going to be used not only to increase the quality of food being delivered by Swiggy, but also for bridging existing gaps in the fields of supply.
Furthermore, these funds will also be used to hire new talents, especially in the fields of machine learning and engineering roles through the mid and senior levels.
Besides improving the current quality of Swiggy, the company is going to use the new round of funding to expand its presence into a new field of business. When Swiggy got its first round of funding from Naspers back in April 2017, little did the investors know they would see such a massive growth in the company’s success. Through the last year, the online food delivery service has now expanded so much, it plans on entering the grocery and online pharma industries!
“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,” said Larry Illg, CEO, Food and Ventures, Naspers. With three major rounds of funding since 2017, Swiggy has expanded to 42 cities in India and has more than doubled its merchandise value!
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