Naspers is investing in Indian food start up, Swiggy
Naspers is once again investing in the food delivery start up, this time putting its faith in Swiggy, an online Indian ordering and food delivery service.
The investment company has already invested in several online food ordering and delivery companies, including iFood and SinDelantal. Naspers has also recently invested $425 million to the German food delivery business, Delivery Hero.
Currently, Swiggy’s biggest competitor is Zomato; the billion-dollar Indian food service which recently spread overseas, and FoodPanda.
Naspers investing has helped Swiggy raise more than $80 million in series E funding. The investment is equal to the overall investments in the sector last year, and demonstrates Swiggy’s ability to expand in India’s online food delivery space.
“Swiggy has shown impressive growth in a highly competitive market. Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling,” said Ashutosh Sharma, head of investments in India, Naspers. “Their ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions them well for success,”
Swiggy has said it will use the funds to introduce a host of new product and services. It has also announced plans to double its engineers and increase its investment across core engineering, automation, data sciences, machine learning and personalisation.