Food delivery platform Swiggy has recently raised $43mn in its ongoing Series I funding round. The funding round was led by existing investor Tencent and saw participation from Ark Impact Asset Management, Korea Investment Partners (KIP) and MACM India Growth Fund.
The company had initiated its Series I round in February and had raised $113 million led by existing investor Prosus N.V., along with participation from Meituan Dianping and Wellington Management Company, the company said in a statement.
With the latest fund infusion, the company is now valued at $3.65bn and the size of the round now stands at $156 million.
According to media reports based on the company’s regulatory filings, Tencent has pumped in ₹142Cr, Ark Investment more than ₹70Cr, KIP ₹35Cr, and MACM Growth Fund have put in ₹14Cr. Regulatory filings have not been done for the remaining amount.
“As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year-on-year and welcome the new investors on board,” said Rahul Bothra, CFO, Swiggy.
He further added, “Our focus remains to execute on our vision while building a sustainable path to profitability.”
Founded in 2014, Swiggy works with 1.6 lakh restaurant partners and serves consumers across 520 locations in the country. Besides restaurant delivery, Swiggy operates its own cloud kitchens, grocery delivery and also lists out shops in the vicinity where orders can be placed through the platform.
The recent announcement comes within days after its direct rival Zomato raised $5mn from Pacific Horizon Investment Trust. Media reports pegged Zomato’s value at $3.25bn post the round.
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