As food-tech startup Swiggy raised $15 million in a Series D funding from Bessemer Venture Partners.
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This comes close on the heels of the $35 million (nearly Rs 232.85 crore) it raised in January 2016 from existing and new investors, including New York-based Harmony Partners and Singapore-based RB.
The fresh funds will be deployed in technology upgrades, getting a wider range of restaurants on board and enhance delivery efficiency. The fresh capital will be used for Swiggy’s next growth phase, with an improved customer experience at its core.
Vishal Gupta, managing director at Bessemer Venture Partners, told Money Control that they were interested in partnering with Swiggy.
With this, Swiggy, which competes with Zomato, Foodpanda and Runnr, has to date raised almost $76 million.
Earlier, the company had raised $2 million in a Series A round from Accel Partners and SAIF Partners in April 2015 and $16.5 million in a Series B round from Norwest Venture Partners, Accel Partners and SAIF Partners in June a year ago.
Swiggy is also pushing hard to increase its growth in the coming phase. To further that aim, it has appointed new Vice Presidents across segments like marketing, product, HR, design, and finance.
Since its inception in 2015, Swiggy has rapidly grown to become the leader in the Indian food delivery sector by consistently reducing delivery times and improving customer experience.
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Swiggy’s platform enables customers to order food from restaurants in eight cities, including Bengaluru, Gurgaon, Hyderabad, New Delhi, Mumbai and Pune. These leaders, as the press release states, have nurtured high-growth companies in the past, and will be instrumental in shaping the strategy and maintaining the company’s leadership position in a fast growing food-tech category. While startups such as Eatfresh, Faasos and FreshMenu follow a “full-stack” model wherein they manage the end-to-end food-supply process from preparation to delivery, firms such as Swiggy, TinyOwl, Zomato Order and Foodpanda act as standalone food ordering platforms. Swiggy’s average delivery time is of 37 minutes, which the company claims is an industry benchmark.
