Bangalore-based food ordering app, Swiggy, has raised $35 Mn in Series C round of funding from New York-based investors Harmony Partners and Singapore-based RB investments. Besides, existing investors SAIF Partners also participated in this round.
The funds will be infused for technology upgradation – focusing on deeper vendor integration, reducing overall delivery time & cost and enhancing customer experience.
Swiggy was founded in August 2014 by BITS Pilani alumni Sriharsha Majety, Nandan Reddy and IIT Kharagpur graduate Rahul Jaimini.
The startup is currently operational in eight cities including Bangalore, Gurgaon, Hyderabad, Delhi, Mumbai, Pune, Kolkata and Chennai with over 5,000 restaurants listed on its platform. Its order value has grown over 20 times in the last few months with an average delivery time of 36 minutes per order.
Speaking on the development, Sriharsha Majety, CEO of 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 revolutionise the way India eats. We are looking to surpass existing standards, set higher benchmarks and delivering over one million orders a month in the near future,” said Sriharsha Majety, chief executive officer and co-founder at Swiggy.“
In June 2015, Swiggy raised $16.5 Mn in Series B round of funding from the Silicon Valley-based venture capital investor, Norwest Venture Partners (NVP), SAIF Partners, Accel Partners and from an undisclosed global investment entity.
Prior to that, in April (2015) the company had raised $2 Mn from Accel Partners and SAIF Partners.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.
