Food delivery platform Swiggy, raised another $7 million (Rs 47 crore) from existing investors, including Accel Partners, Norwest Venture Partners and DST Global. With this investment, the company is valued at around $130 million.
Earlier this year, Swiggy had raised $35 million (around Rs 236 crore) in a Series C round of funding from Harmony Partners and RB Investments. With this new funding the startup plans to expand further into its eight operational cities and maintain its market leadership position.
“As the market leader, our goal is now to create defensibility around the brand with superior experience for both customers and restaurants,” said Nandan Reddy, cofounder of Swiggy, in an interview on Friday.
Swiggy enables customers to order food from restaurants in eight cities, including Bangalore, Gurgaon, Hyderabad, Delhi, Mumbai and Pune. The startup claims to have over 5,000 restaurants listed on its platform and also claims to deliver 38,000 orders per day.
Sriharsha Majety, Reddy, and Rahul Jaimini,team up in August 2014 to start Swiggy. Since its inception, the startup has raised $53.5 Mn in four rounds. SAIF was an early investor in the startup followed by Northwest Venture Partners and Accel Partners.
According to Mukul Arora, principal at SAIF Partners, Swiggy’s offering is differentiated from its competitors, which helps the startup command a higher commission from restaurants and therefore build a sustainable business.
Swiggy also recently announced Surge Pricing during national holidays, local festivals and bad weather. After Uber and Ola, Swiggy is also experimenting with the new surge pricing model.
In the Food tech space, Swiggy faces competition with Food Panda, Zomato and TinyOwl.
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