Bengaluru-based food ordering and delivery startup, Swiggy has raised $16.5 million from Norwest Venture Partners (NVP), existing investors SAIF Partners and Accel Partners, and an undisclosed global investment entity in a Series-B round.
Swiggy said it will use the funds to expand its footprint, enhance its brand and capture greater market share in the food delivery market in India. The startup recently expanded its operations to Gurgaon and Hyderabad.
Swiggy was founded by Sriharsha Majety, a BITS Pilani and IIM-C alumnus, Nandan Reddy, BITS Pilani alumnus and Rahul Jaimini from IIT Kharagpur.
“The total food delivery market in India is estimated to be $6 billion and continues to expand at a rapid clip. Swiggy’s delivery infrastructure solves a major need in the market by enabling restaurants to concentrate on their core business and scale up their delivery revenues. Simultaneously, the product’s ease of use and the convenience it provides to consumers, has resulted in strong repeat rates and an increased customer base," said Sumer Juneja, principal at NVP India.
