India’s food delivery startup Swiggy has landed $210 million in new capital for expansion and joined the billion-dollar startup unicorn hub. The investment is led by existing backer Naspers and new investor DST Global. Others taking part in the round include returning investor China’s Meituan Dianping and (another new investor) Coatue Management.
The deal takes Swiggy’s valuation past the $1 billion mark for the first time. Sources with knowledge of negotiations told that it values the company at around $1.3 billion.
According to media reports, the fresh funds will be used to “quickly ramp up supply chain network and expand to new markets, while investing in core capabilities that enhance consumer experience and the brand,” the company said.
Swiggy, run by Bengaluru-based Bundl Technologies Pvt. Ltd. said it will double its technology headcount to build operations, personalization and connected supply chain systems. The announcement comes just three months after Swiggy raised $100 million in Series F round also led by Naspers with participation from existing shareholder Meituan-Dianping. Avendus Capital was the financial advisor to Swiggy.
“With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem,” said Swiggy chief executive Sriharsha Majesty. Apart from Zomato, Swiggy competes with the likes of FreshMenu, Foodpanda and Ubereats.