Swiggy raised 210 million dollar from a group of investors, catapulting Indias largest food delivery service provider into a select club of startup unicorns with a valuation of 1 billion dollar or more.
The latest funding, led by Naspers and billionaire Yuri Milners DST Global, values Swiggy at roughly 1.3 billion dollar, surpassing rival Zomatos 1.1 billion dollar valuation based on a February fund-raising round.
Swiggy, founded in August 2014, is one of the fastest entrants into the unicorn club. The latest fund-raising will add pressure on Zomato to raise additional funds quickly to keep pace with its Bengaluru-based rival in the online food-delivery business. On 2 April that Zomato was in talks to raise 200-400 million dollar.
Swiggy, which is by far Indias best-funded food delivery start-up, plans to use the funds to ramp up its supply-chain network and expand to new markets, the company said in a statement.
Swiggy, which has emerged as the breakout consumer internet start-up of the past five years, has easily been the most prolific food delivery start-up in terms of its ability to continue raising funds from deep-pocketed foreign investors. It has raised about $465 million till date, according toMintresearch. Barely four months ago, Swiggy raised 100 million dollar from South African media giant Naspers.