Swiggy raises $80 million from Naspers, others

Food delivery startup Swiggy on Tuesday said it has raised USD 80 million in a round led by South African media company Naspers Ltd.

Existing investors including SAIF Partners, Accel Partners, Bessemer Venture Partners and Norwest Venture Partners also participated in the round.

The round comes a few days after Naspers invested over USD 431 million in rival Foodpanda's parent firm Delivery Hero.

“In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful consumer experiences. As the market leader, we are leveraging our deep understanding of the Indian consumer and the gaps in the market to introduce disruptive and highly differentiated service offerings,” Sriharsha Majety, Co-Founder and CEO of the company said in a statement.

The funding will give the Bangalore-based firm enough strength to compete with rival Zomato and Foodpanda.

Avendus Capital was the financial advisor for the fund-raising transaction by Swiggy.