Swiggy raises $1 billion; valuation jumps five-fold since February

Swiggy plans to use the capital to grow its supply chain, apart from investing in new initiatives

India’s largest online food-ordering service, Swiggy, has raised a mammoth $1 billion in fresh funding led by South African internet and media conglomerate Naspers, pulling its valuation up to $3.3 billion. This represents a fivefold increase in the company’s valuation since the start of 2018.

The latest round is also the single-largest investment in India’s fast-growing food-tech sector, where Swiggy is engaged in an intense battle with rivals such as Zomato, FoodPanda and UberEats. Apart from Naspers, the round also saw participation from Tencent, and hedge funds Hillhouse Capital and Wellington Management Company.

According to sources, about $200 million of