BENGALURU: Online food delivery major Swiggy has raised over $43 million in additional funding from backers like South Korea’s Samsung Ventures, Mirae Asset Capital Markets, Korea Investment Partners besides existing backer Tencent taking the total capital raised in this round $156 million, as per data from Tofler.
In February, Swiggy was backed by existing investors like Prosus along with China’s Meituan Dianping and US-based asset manager Wellington, valuing the company at $3.6 billion.
The new round comes at a time when orders in the food delivery space have taken a significant hit of 70-80% due to nationwide lockdown, which also caused disruption in its service due to police beating its personnel besides fall in consumer demand due to Covid-19 virus. At the same time, it is also seeing a spike in demand for its new businesses, like micro-delivery platform SuprDaily and grocery supplies through Swiggy Stores.
But Swiggy’s valuation — which was pegged at around $3.3 billion in December 2018 after it raised $1 billion — was already sobering up as it increased less than 10% to $3.6 billion after including the employee stock options base in the current round. Swiggy’s rival Zomato is also currently raising its new round of funding.
“Swiggy has built a sustainable food delivery business over the years while solving various customer pain points … Our focus remains to execute on our vision while building a sustainable path to profitability,” said Rahul Bothra, CFO at Swiggy.
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