Swiggy Receives Rs. 80 Crore Investment From Bessemer Venture
According to Economic Times, Bessmer Venture, a US-based venture capital firm, is in talks to invest Rs. 80 crore in the online food delivery company, Swiggy. The valuation of the company will increase to nearly Rs. 1,350 crore after this round of investment. In January of this year, Swiggy received an additional $35 million in a round C funding from New York-based investors, Harmony Partners and Singapore-based RB investments.
Swiggy, the online food ordering and delivery platform, has raised funding consistently since its launch when other food-tech startups have been shutting shop. The company has maintained a distinct customer-oriented approach, which has helped to gain traction in the ever populated food-tech startup scene in the country. The investment from Bessmer Venture will further boost Swiggy’s presence in India and provide a platform for the company to compete against other players in the sector like Zomato, Foodpanda and the new service launched by Roadrunnr and Tinyowl, ‘Runnr’.
Swiggy’s Growing Presence
Swiggy was launched in August of 2014 by Sriharsha Majety, Nandan Reddy and Rahul Jaimini. The company is the largest food delivery platform by number of orders and has a presence in 8 cities delivering over 40,000 orders per day. The value per order has also increased to Rs. 375 per order, according to ET. Swiggy has also introduced new initiatives to help ordering of food much easier and faster. The company introduced a new surge pricing model of charging an additional Rs. 20 for each order during festivals, holidays and rainy days. This incentivises the delivery personnel and puts more executives on the street for faster delivery service.