Bengaluru: Food ordering and delivery platform Swiggy, secures $15 million in its Series D funding led by Bessemer Venture Partners. Existing investors like SAIF Partners, Norwest Venture Partners - NVP and Accel Partners also contributed in the funding. The funding will nurture Swiggy’s growth intentions with an improved customer experience at its core which includes technology upgrades, a wider range of restaurants to choose and better delivery services.
With this round of funding, the total funds raised by this food delivery platform as of now, becomes $75.5 million. Earlier this year, the entity has raised $35 million in January and $7 million in May in Series C funding led by Norwest Venture Partners - NVP, Accel Partners, DST Global and Harmony Partners.
Speaking on the raised funds, Sriharsha Majety, Co-Founder & CEO, Swiggy says, “We are excited about the funding as this is a validation of our performance and recognition of our leadership, in addition to being testament to the tremendous potential of the food tech sector. Our strong growth in the last few months shows that our customers are increasingly becoming accustomed to a new behavior of ordering food for the experience, rather than only for convenience. Our vision is to change the way India eats and we want to be the top of mind recall for the users for all their four meals a day”.
Founded in August 2014 by Nandan Reddy, Rahul Jaimini, Sriharsha Majety, Swiggy serves as a platform for ordering food from the best neighborhood restaurants and get it delivered at the user’s doorstep.. Growing rapidly during the past years, the entity aims to reduce delivery times and enhance customer experience, with its average delivery time being an industry benchmark of 37 minutes. Striving to address the customer needs, the company intends to capture the larger market share under the guidance of the new VPs who are the leaders in the industry, nurtured high-growth companies and possess organization-wide efficiencies. Their expertise will be instrumental in shaping the strategy and maintaining Swiggy’s leadership position in a fast growing category.
Vishal Gupta, MD, Bessemer Venture Partners asserts, “We are excited to partner with Swiggy. Swiggy's full stack approach coupled with great execution has resulted in unparalleled customer experience, retention and business economics. We look forward to working with Sriharsha and the management team as they further cement Swiggy's leadership position in the India market”.