Online food service provider Swiggy secures $ 16.5 mn from group of investors

RI Bureau

Swiggy, the Bengaluru based food start up has raised $ 16.5 million in series B round of funding.

The start-up has raised funding from a group of investors, including Norwest Venture Partners (NVP), SAIF Partners, Accel Partners and an undisclosed global investment entity.

Founded by Sriharsha Majety and Nandan Reddy, boths BITS Pilani alumni, Swiggy is a food-tech company with its own delivery personnel equipped with smartphones which enables the company to pick up orders from restaurants and deliver to customers.

“We have seen a 10x growth in order numbers over the past few months and this investment will help us expand exponentially as we intend to establish ourselves in several new cities by the end of the year,” said Majety, CEO, Swiggy.

Started in 2014 end in Bengaluru, recently Swiggy also expanded its services to Gurgaon and Hyderabad partnering with over 100 restaurants in both the cities.

According to the statement, more than 50 per cent of daily orders have shifted from the website to the app in a short period of time.

“The funds will primarily be used to support the next phase of growth, including expanding Swiggy’s footprint to other cities in India. The financing is also expected to fuel growth towards establishing a stronger brand platform and capturing an increased share of the burgeoning food delivery market in India,” added Majety.