Foodtech startup Swiggy raises $113M as part of its Series I round
by YourStory 2020-02-21
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source: yourstory

Bengaluru-based foodtech unicorn Swiggy has raised $113 million funding as a part of its Series I round. This round was led by Prosus N.V., with participation from Meituan Dianping and Wellington Management Company.

The startup said that the funding will be used to develop its new lines of business, with a focus on Stores, Go, and SuprDaily.

The startup claimed that its transaction numbers have grown by nearly 2.5X this past year. It added that its restaurant partner base has also grown 4X to over 1.6 lakh partners, with over 10,000 new restaurants being added every month.

At present, the platform has over 250,000 delivery partners across 520 cities – which means that one out of every four Indians can now access Swiggy.

Last week, the foodtech startup announced the launch of BrandWorks, a platform to co-create delivery brands with restaurant partners. At present, the Bengaluru-based foodtech unicorn has 100 such brands on its platform that were co-created with 95 restaurant partners across 13 cities.

It will enable restaurant partners, with superior culinary capabilities and unutilised kitchen capacities, to co-create delivery-only brands to serve unmet consumer needs. With the launch of BrandWorks, Swiggy is targeting a 3X growth in the number of brands.