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Swiggy raises ₹500 Crore from Naspers to take on Zomato

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Swiggy, a food-delivery platform has raised ₹500 Crore ($80 million) of funding in a round led by Naspers to counter the rival Zomato.

The Bengaluru based food-delivery platform, Swiggy has raised ₹500 Crore ($80 million) of funding led from Naspers. Investors who already invested in the food delivery platforms are Accel India, SAIF Partners, Bessemer Venture Partners, Harmony Partners and Norwest Partners participated in this round of funding and helped them by providing a sufficient amount of funds for the growth and to promote their startup on global level. Swiggy gave statement that the primary motto behind the funding is to promote our brand and to attract more people with this. This will help swiggy to produce new products and to enhance the customers by prevailing offers. The Bengaluru based food-tech Company also planning to hire new and young people, who can help them by promoting Swiggy in different cities and by rendering services for them. Ashutosh Sharma, head of investments in India for Naspers will join the Swiggy and will be working on board.

Ashutosh further mentioned that “looking at Swiggy’s growth in a highly competitive market, the Naspers team was impressed with its ability to build a sustainable business, earning consumer trust through a reliable first-party delivery technology. They deserve a better place and position and they’ll soon get it with the dedication and hard work. Naspers found the company attractive and exceptional execution in disrupting online food ordering and delivery in India while many players are struggling to create new business”

Sriharsha Majety, Co-founder and CEO, Swiggy believes that “Swiggy has been able to change the way India eats. He also believes that as the market leader, Swiggy is leveraging their understanding of the Indian consumer and the gaps in the market and thus introducing disruptive and highly differentiated service offerings; making online food ordering and delivery more seamless and reliable to users everywhere. Providing them the quality of food and offering different food from different regions.

Swiggy offers an average delivery time of 37 minutes. It is currently providing services in cities like, Delhi-NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru and Chennai. Previously, Swiggy had raised funding from Bessemer Venture Partners and before that it had raised from Singapore based RB investments and New York-based Harmony Partners.

Recently, Swiggy had also launched its internet restaurant to test the response of public in Bengaluru and Koramangala. In this month, UberEats launched in Mumbai, and Zomato is also planning to start its own delivery fleet by acquiring Bengaluru based Runnr. UberEats is only in Mumbai and rates charged by UberEats are higher than the other players. So they might have to face competition from other food delivery websites.

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