At a time when lot of food-tech startups are shutting their operations, Bengaluru-based start-up, Swiggy, one of the largest food ordering and delivery platform in India has raised $35 million as ‘Series C’ round of funding from new and existing investors.
New investors participating in this round include New York based investors Harmony Partners and Singapore based RB investments. Swiggy was advised by Mumbai based Avendus Capital on the latest transaction.
Speaking on the fresh infusion of funds, Sriharsha Majety, CEO, Swiggy, said, “We believe that our growth and success are a result of our customer-centric approach. Our enormous growth, high percentage of repeat customers is testimony to the fact that we strive to constantly outdo ourselves in terms of customer satisfaction. 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, set higher benchmarks and delivering over 1 million orders a month in the near future. “ The online food ordering marketplace that had previously raised $ 18.5 Million from Norwest Venture Partners, SAIF Partners and Accel Partners, is inspired by the thought of providing a complete food ordering and delivery solution to customers and the product is wholly dedicated to their cause.
Currently present in 8 cities across the country, Swiggy is operating in more than 100 neighborhoods with over 3000 delivery contractors.
5 reasons that make investors’ garner love on Swiggy:
No looking back: It is notable that the order count on Swiggy has grown over 20 times in the last few months. The online food delivery model has seen continuous growth in orders from its inception. And, this has assisted them to expand to other cities.
Working on time frame: As it happens in most of the cases that delivery time that has been proposed is not actual delivery time when one orders food. In spite of the surge in orders, Swiggy has maintained an average delivery time of 36 minutes per order. Hence, giving the customers’ a reason to order food from them, making investors’ believes that they are adhered to what they promise.
A single window for ordering: From a wide range of restaurants, Swiggy possesses its own, independently-driven fleet of delivery personnel for picking and delivering orders to its customers. Having its own delivery fleet enables them to offer their customers a variety of convenient features like faster deliveries, no minimum order and live tracking of their delivery.
Growth driver: Having been launched at a time when India is going through biggest phase of food-tech development, Swiggy has worked as growth accelerator for many start-ups. And continue to focus on it; they will use the newly received funds to consolidate Swiggy’s position as a market leader and to capture a larger share of the burgeoning US$ 15 billion food delivery sector in India.
Top quality leadership: Founded by Sriharsha Majety, a BITS Pilani and IIMC alumnus, Nandan Reddy, BITS Pilani alumnus and Rahul Jaimini from IIT Kharagpur, Swiggy brings the best experience on boards at a time when food business is facing the digital disruption.
• "We first invested in Swiggy in Jan 2015 when the team comprised of 3 co-founders and delivery executives, serving parts of Bangalore. Since then, in just 12 months, they have built a formidable team, becoming a pan-India player and gaining clear leadership in online food ordering market. This has been made possible due to the team’s obsession about giving a great experience to their customers. We believe that Swiggy is on track to become one of leading consumer internet companies in India and are really excited to partner them in this journey,” said Mukul Arora, Principal, SAIF Partners.
• “Swiggy offers a strong value proposition for both customers and restaurants, transforming the way people eat in India,” said Sumer Juneja, Director, Norwest Venture Partners. “We have been exceptionally impressed with the execution of the team, particularly over the last few months in which they have expanded service to 8 new cities and made investments in superior talent, while continuously improving customer experience and delivery times. We are excited to continue to be part of Swiggy’s story and working with its visionary founders and management team.” • “After analyzing the consumer landscape in India, it quickly became clear to us that Swiggy is the food delivery company that is best positioned to win given their focus, execution, and long-term vision,” said Michael Chou, Partner at Harmony Partners. “Their growth is very strong, but moreover Swiggy provides a much better experience to customers and restaurants, the two key stakeholders in the ecosystem. We are very excited to partner with them and help broaden their lead.”