Swiggy raises Rs. 230 crore in latest funding round
Bengaluru, India | Red Newswire | Jan 19, 2016 Last Updated at 1:58 PM IST.
Swiggy, the online food ordering startup has raised Rs. 230 crore in the latest funding led by its existing investors Accel Partners, SAIF Partners and Norwest Venture Partners. This funding now brings startup at a valuation mark of $125 million. The round also saw participation from new investors including Harmony Partners, RB Investments and DST Partner Fund.
The company will use the funding to expand team, branding and strengthening the technology.
Sriharsha Majety, CEO of Swiggy said, "With an average order size of Rs 300, our unit economics are healthy and we don't depend on discounts to increase orders.”
Currently, the number of orders Swiggy caters per day is 20,000 and is showing a 25% growth every month. It has also partnered with 3,000 delivery boys to meet the growing demand.
This funding gives Swiggy an edge over the competition from rivals such as ZomatoOrder, FoodPanda and TinyOwl.
Sumer Juneja, Director at Norwest said, “Unit economics of Swiggy are improving month on month, as with higher order volumes and city wise density the company has been able to become more relevant to restaurants and increase the commission steadily. Consumers have also started to pay for their timely deliveries.”
Source: ET Bureau