Swiggy, an online food ordering platform announced it has raised $113 million funding led by existing investor Prosus Ventures, formerly known as Naspers Ventures. Post this funding, Swiggy’s valuation stands at nearly $3.6 billion.
Other existing investors such as Hadley Harbour Master Investments and Chinese local services platform Meituan, also participated in the round, as per the company’s filings with the Ministry of Corporate Affairs.
As per a media report, Prosus invested about $100 million, making him the largest investor with 40.6% stake. Other investor, Meituan holds 6.35% stake in the company.
Sriharsha Majety, CEO of Swiggy, said, “Over the last couple of years… we have made strong strides in our vision of delivering unparalleled convenience to urban consumers… and created multiple growth avenues for our partners while continuing to invest in new lines of business.”
Larry Illg, Chief Executive of Prosus Ventures and Food, said, “Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians.”
Back in 2018, Swiggy had raised $1 billion funding led by Naspers, along with China’s Tencent, Hillhouse Capital, and Wellington Management. As per the company’s valuation report published with the regulator, Swiggy’s management has forecast net profit of Rs 858 crore on revenue of Rs 11,021 crore in 2022. Till date, Swiggy has raised about $1.57 billion.
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