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Food Delivery Startup Swiggy Becomes The New Unicorn

Swiggy becomes the latest entrant in the Club after $210 Mn investment led by Naspers! – Startup News From Asia

Photo credits: Pexels

Online food-delivery startup; Swiggy, has entered the “unicorn” league. The development comes after an investment of $210 million in a round led by its primary backer, South Africa-based Naspers. In the latest round of funding, investments came from new and existing investors. Russia based DST Global, China-based Meituan Dianping too participated in this round.

‘Unicorn’ is a term used for a company which gets a valuation of over $1 billion

The latest funding comes months after a $100 million investment form Naspers. Currently, the food-delivery company operates in 15 cities, claiming to have tie-ups with over 35,000 restaurants, and boasting a delivery fleet of 40,000 employees.

A few months back it was learned that Swiggy will also venture into grocery-delivery business. The company saw an exponential growth every year since its inception in 2014.

Swiggy CEO Sriharsha Majety said, “We’re thrilled to have grown the online food delivery market in India at an exponential rate, always keeping our consumers at the helm. With this investment, we will continue to wide Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem. Continual trust from globally reputed investors strengthens our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free”, in a statement.

Recently, another food-delivery startup Zomato too raised $200 million from Ant Small and Micro Financial Services Group and was valued at $1.1 billion.

With fresh investments pouring in, food delivery startups are seeing increasing action this year, after a sluggish outlook the last couple of years.

The startups are coming up with new offerings, the most successful one from Zomato being Zomato Gold offering. Zomato launched Gold subscription offer in November last year initially across 3 cities, which saw a huge response from the food lovers. Zomato has since expanded the invite-only subscription offer across various other tier-1 & tier-2 cities.

Other notable players in food delivery include Foodpanda, Uber Eats & Faasos.

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