Food delivery start-up Swiggy raises $ 1bn from venture funds
Leading food ordering and delivery start-up Swiggy has raised $1 billion (Rs 7,000 crore) venture funds from existing investors led by Naspers, to strengthen its technology and hire talent, it said on Thursday.
"The Series H round of funding led by existing investor, Naspers, also includes the participation of existing investors DST Global, Meituan Dianping and Coatue Management," the city-based app providerAsaid in a statement.
The funding round also included the participation of new investors Tencent, Hillhouse Capital and Wellington Management Co, the statement said.
"Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens," the company said.
The firm will also use the capital to hire talent, especially for machine learning and engineering roles across mid and senior levels, as well as strengthen its technology backbone, it added.
The company said it will focus on building a next-generation Artificial Intelligence (AI)-driven platform for hyperlocal discovery and on-demand delivery.
Inclusive of the latest round, Swiggy has raised a total of $1.26 billion (Rs 8,825 crore).- IANS