Bengaluru-based food delivery platform Swiggy received $1 billion (₹ 6,995 crore) funding in a Series H round led by South Africa-based Naspers. With this round, the total funding raised by Swiggy in 2018 has reached $1.31 billion.
New investors have also participated in the funding round. Chinese investment firm Tencent, investment management firm Hillhouse Capital and Wellington Management, along with existing investors DST Global, Meituan Dianping and Coatue Management. Since September there have been reports that Japanese conglomerate SoftBank and Tencent may invest in Swiggy.
“Swiggy will be using the funds to bring quality food brands onboard and also address the gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners,” Naspers said.
It will also utilise the capital to hire new talent across mid and senior levels with expertise in machine learning and engineering roles. Avendus Capital was the exclusive financial advisor to Swiggy on the transaction.