Bengaluru-based food ordering and delivering startup Swiggy has raised $35 million in series C round from existing investors SAIF Partners, Norwest Venture Partners and Accel Partners. New investors including New York-based Harmony Partners and Singapore’s RB Investments also participated in the round.
The new round comes six months after the company raised $16.5 million in series B from Norwest Venture Partners (NVP), existing investors SAIF Partners and Accel Partners. The latest funding will be used to consolidate Swiggy’s presence in the existing markets, for technology upgradation, reducing overall delivery time & cost, and enhancing customer experience.
Sriharsha Majety, Co-Founder & CEO, Swiggy, said, “While our focus will continue to be growth across all geographies, we will now concentrate on profitability and sustainability in established markets. The end goal is to revolutionize the way India eats. We are looking to surpass existing standards, and deliver over 1 million orders a month in the near future.”
As of now, Swiggy is present across eight cities including Bengaluru, Gurgaon, Hyderabad, Delhi, Mumbai, Pune, Kolkata and Chennai and has 5,000 restaurants listed on its platform. The company claims its order count has grown more than 20 times in the past few months.
It will also expand Swiggy Express, an in-house platform offering chef-made meals in less than 20 minutes as well as offer customers an option to pre-order meals.
Swiggy is the fourth funding announcement of the year in food-tech sector. FreshMenu, WIMWI and B9 Beverages also raised funding in January this year. FreshMenu raised $16.5 million in a fresh round of funding led by Zodius Capital.