Food delivery Startup Swiggy is in talks with South African media company Naspers Ltd and Chinese conglomerate Fosun International Ltd to raise to raise $50 million in fresh funding. Existing investors are likely to participate in current funding round according to Mint newspaper.
Swiggy had raised at least $75 million in equity from Accel Partners, Bessemer Venture Partners, Harmony Partners, RB Investments, Norwest Venture Partners, SAIF Partners and Apoletto, the personal investment firm of Russian billionaire and founder of DST Global, Yuri Milner. Besides, Swiggy has raised about $8 million in venture debt from InnoVen Capital.
That made him the highest funded food startup in India after Zomato’s $224 million funding.
Swiggy faces a tough competition with other food startups like Foodpanda, Zomato and other startups. The potential investment will definitely strengthen their arms in this competition.
Swiggy is Founded by Sriharsha Majety, a BITS Pilani and IIMC alumnus, Nandan Reddy, BITS Pilani alumnus and Rahul Jaimini from IIT Kharagpur.
Swiggy is present across eight cities including Bengaluru, Gurgaon, Hyderabad, Delhi, Mumbai, Pune, Kolkata and Chennai and has 5,000 restaurants listed on its platform. Swiggy claims its order count has grown more than 20 times in the past few months.
