Indian Economy News

Swiggy raises additional US$ 43 million in Series I round

  • IBEF
  • April 7, 2020

Swiggy, the food delivery platform, has received an additional US$ 43 million funding as part of its ongoing Series I round. The Series I round was initiated in February this year and had raised US$ 113 million led by existing investor Prosus N.V., along with participation from Meituan Dianping and Wellington Management Company, the company said in a statement.

The size of the round now stands at US$ 156 million.

"As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year-on-year and welcome the new investors on board," said Mr Rahul Bothra, CFO, Swiggy.

"Our focus remains to execute on our vision while building a sustainable path to profitability”, he added.

The other participant present in the closing round were existing investor Tencent along with new investors Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets.

According to reports, Zomato also raised US$ 5 million from British investment manager Baillie Gifford's Pacific Horizon Investment Trust.

Zomato had earlier raised US$ 150 million from existing investor Ant Financial, an affiliate of Alibaba.

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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