Total investment in Swiggy is now $75.5 million.
Online food booking startup Swiggy has raised $15 million (around Rs. 100 crores) funding in a Series D round led by the US-based venture capital firm Bessemer Venture Partners, reported Forbes India.
Swiggy said that some existing investors also took part in the round without mentioning anyone. With the new round, total investment in Swiggy is now $75.5 million.
The Bengaluru-based company will use the investment for technology upgradation, improving delivery efficiency, adding more restaurants to its platform, and to improve customer experience.
“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,” Sriharsha Majety, co-founder and CEO, Swiggy, was quoted as saying by Forbes India.
The new funding will help the company to compete with big players in Indian food delivery market such as Zomato, Food Panda, and TinyOwl.
Swiggy has about 9000 restaurants on its platform across seven cities in India and it processes about 40000 orders a day.
“In the months to follow, Swiggy will continue to focus on consolidation and capturing a larger share of the market under the guidance of the new VPs,” said a statement issued by Swiggy. Recently it has hired vice presidents for all functional areas.
Swiggy was founded by BITS-Pilani alumni Sriharsha Majety, along with college friend Nandan Reddy and Rahul Jaimini, an IIT-Kharagpur graduate.
“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,” Vishal Gupta, MD, Bessemer Venture Partners told The Economic Times.