Swiggy Raises $1 Billion in Naspers-Led Funding Round, Now Said to Be Valued at Over $3 Billion

Online food delivery service provider Swiggy said it has raised $1 billion (roughly Rs. 7,000 crores) in its latest funding round, led by South African Internet giant Naspers.

Chinese tech giant Tencent Holdings, Hillhouse Capital and Wellington Management Company took part in the funding round, together with Swiggy's existing investors, DST Global, Meituan Dianping and Coatue Management.

Swiggy, based in the southern Indian tech hub of Bengaluru, is valued at a little over $3 billion (roughly Rs. 21,000 crores) after this funding round, a source familiar with the matter told Reuters.

The company did not immediately respond to an email seeking comment on the valuation.

Swiggy will use the funds to hire and strengthen its technology backbone, the company said.

The firm, which runs a mobile-based application and a website for food-delivery services, currently operates in more than 50 Indian cities.

It competes with homegrown Ola-owned Foodpanda, Uber's food delivery service, and China's Ant Financial Group-backed Zomato, which is valued at over $1 billion.

Swiggy has raised a total of $1.26 billion (roughly Rs. 8,800 crores) since it was founded in 2014, including the latest round.

© Thomson Reuters 2018