Swiggy Secures $15 Million in Series D Funding From Bessemer Venture Partners
Things are looking really good for online food delivery startup Swiggy as they raised $15 million in funding from US-based venture capital firm Bessemer Venture Partners. Adding to that, the existing investors including Accel India, SAIF Partners and Norwest Venture Partners also participated in this round.
This funding will be used to enhance customer experience including tech-based upgrades, an increased network of restaurants for users to select from and efficient delivery services.
Talking about the investment, Vishal Gupta, MD, Bessemer Venture Partners said, “Swiggy’s full stack approach coupled with great execution has resulted in unparalleled customer experience, retention and business economics. We look forward to working with Sriharsha and the management team as they further cement Swiggy’s leadership position in the India market.”
According to an official statement, with this freshly infused capital, Swiggy has raised around 75.5 million till date. And with this deal, the Bengaluru-based startup is now valued at $200 million. Swiggy is also pushing hard to increase its growth in the coming phase. To further that aim, it has appointed new Vice Presidents across segments like marketing, product, HR, design, and finance.
Earlier this month, it was reported that Amazon India was in advanced talks to invest in Swiggy and earlier this year, restaurants that had tied up with Swiggy and Shadowfax backed out of partnerships with the food delivery services.
Founded in August 2014 by Sriharsha Majety, Nandan Reddy and Rahul Jaimini, Swiggy is currently functional in 8 cities and has partnered with 9,000 restaurants around the country.