Food tech platform Swiggy has recently raised $113 million, led by existing investor Naspers. With this investment, the company is valued at nearly $3.6 billion. There were other existing investors like Hadley Harbour Master Investment and Chinese local services platform Meituan, that had also participated in the round.
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Out of this investment, around $100 million is from Naspers, which is its largest investor, with around 40.6 percent stake. Here, Meituan holds around 6.35 percent.
In a statement, Swiggy has said that they have made strong strides in their vision of delivering unparalleled convenience to urban consumers. This has created multiple growth avenues for their partners while continuing to invest in new lines of business.
Reports also state that Swiggy’s valuation has been largely flat so far, from its last $1 billion round in December 2018. That round was being led by Naspers too, with Tencent from China, Hillhouse Capital, and Wellington Management.
This investment happened at a time when rival Zomato has acquired Uber Eats. Also, Zomato has raised $150 million from existing investor Ant Financial, at a valuation of $3 billion.
But, for this ongoing financial year, Swiggy has forecast a revenue of INR. 1,329 crore on a net loss of INR. 1, 067 crore.
However, Swiggy would need a large war chest to build a consumer-facing logistics network. This is when it expands its footprint across the country, also in small towns and cities.
Swiggy recently launched its service called ‘Swiggy Go’, its everyday micro delivery service.