Swiggy, a Bengaluru-based online food delivery platform, is reportedly, in talks with South Korean venture capital funds and others to raise worth $500 million funding round. While, exsiting investor Naspers will lead the round, which would value Swiggy at around $4 billion, according to the sources.
With these speculations, the food delivery unicorn is also aiming at 1 lakh deliveries in six cities including Bengaluru, Mumbai, and Delhi-NCR for orders of daily essentials, however, it is looking to expand this to more cities in 2019.
Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in 2014. The company claims to have over 2 Lakh delivery partners and more than 1 Lakh restaurant partners spread across 200+ Indian cities.
The report, published by ET, says that Swiggy is clocking a million orders a day, and with expansion, it’s looking at sizeable growth in this regard.
Last month, Swiggy was in talks with the Carlyle Group for a $200 million funding round, while Japanese investor SoftBank was also reported to be eyeing an investment of around $300 Mn – $500 Mn in the foodtech company. It’s unclear whether SoftBank would participate in the latest round.
The food delivery company had posted a 220% jump in its revenue for FY18.
The company claimed that the company had earned $63.77 million in revenue, of which its operational income was $60.22 million.
The company had posted an annual net loss of $54.12 Mn in 2017-18, which is a 93% increase in losses from FY17. Company’s advertising and promotional expenses have also increased to $21 Mn from $7.16 Mn the year before.