Naspers on Thursday announced that it will lead a $1 billion Series H round in Swiggy, India’s largest food delivery platform, with a $660 million (R9.5 billion) investment.
The round includes participation from several existing investors including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital and Wellington Management.
Naspers’ investments and operations in India include online classifieds business, OLX; MakeMyTrip, the leading online travel company; and payments company, PayU.
Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners.
Additionally, Swiggy will use the capital to hire top-notch talent, especially for machine learning and engineering roles across mid and senior levels, Naspers said.
The company will also strengthen its technology backbone and focus on building the next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.
“Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide,” said Larry Illg, CEO Food and Ventures, Naspers.
Since the last round of funding six months ago, Swiggy has expanded to 42 additional cities and strengthened its leading market share along with industry-best repeat rates and net promoter score (NPS).
In addition to Swiggy, Naspers has expanded its food delivery portfolio over the past several years by investing in companies with leading businesses in 40 countries around the world.
The portfolio also includes Delivery Hero, a leading online food ordering and delivery platform in 36 countries, iFood, a leading online food delivery business in Brazil and Mexico and Mr. D Food, the leading online food delivery business in South Africa.