Food ordering app, Swiggy which raised $2mn from Accel and SAIF partners in April month has now raised $16.5mn in Series B funding.
Swiggy’s Series B round of $16.5mn is led by Norwest Venture Partners (NVP) with participation from existing investors SAIF Partners and Accel Partners, and from an undisclosed global investment entity.
The funds will primarily be used to support the next phase of growth including expanding Swiggy’s footprint to other cities in India. The financing is also expected to fuel growth towards establishing a stronger brand platform and capturing an increased share of the burgeoning food delivery market in India.
“The total food delivery market in India is estimated to be USD6 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.” Sumer Juneja, Principal at NVP India