Swiggy has raised $75 million in investor capital since its inception two years ago.
Swiggy has raised $75 million in investor capital since its inception two years ago.
SAN FRANCISCO (Diya TV) — Swiggy, one of India’s top food delivery services, has gone through a fresh round of funding and this time chowed down on a $15 million infusion of capital led by Bessemer Venture Partners. The company said a number of existing investors also participated, but it didn’t name them directly.
The round is being called Series D despite the fact it was overshadowed by a $35 million in Series C funding, a round the company hosted a the beginning of the year. With the most recent round of funding, Swiggy has raised $75 million in investor capital since its launch two years ago.
The company, based in Bangalore, was certainly a late arrival to the food delivery market, which, in India, is dominated by such companies as Zomato, a company valued at more than $1 billion. Swiggy aims to stand out by offering a more curated list of restaurants and services, not to mention its own in-house delivery fleet rather than contractors. Companies that use delivery fleets may wish to implement a courier optimization app to improve the efficiency of deliveries. It charges between 15-25 percent in commission to restaurants and for smaller orders, customers pay between 20 and 24 rupees depending on their city.
Swiggy is currently available in eight cities across the country, where it has more than 9,000 restaurants in its network. The company said this new money will be used to develop its technology, expand its selection of restaurants and increase its customer experience. Already, the company claims an average delivery time of 37 minutes — that, it said, is the fastest in India. Swiggy didn’t give any figures for its customer base, however.
