Naspers on Thursday announced that it will lead a $1 billion Series H round in Swiggy, India\u2019s largest food delivery platform, with a $660 million (R9.5 billion) investment.<\/p>\n
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.<\/p>\n
Naspers\u2019 investments and operations in India include online classifieds business, OLX; MakeMyTrip, the leading online travel company; and payments company, PayU.<\/p>\n
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 \u2018Access\u2019 initiative for restaurant partners.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
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).<\/p>\n
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.<\/p>\n
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.<\/p>\n