Swiggy raises $1 bn funding led by Naspers

Swiggy raises $1 bn funding led by NaspersSwiggy, in a statement said, it has executed definitive agreements for a USD 1 billion round of funding led by Naspers and saw new investors — Tencent, Hillhouse Capital and Wellington Management Company coming on board.

Swiggy said the latest fund-raising round is the “single largest in India’s food technology sector to date” and takes the total funding raised by the Bengaluru-based company to USD 1.26 billion.

The fresh capital infusion will provide more ammunition to Swiggy as it battles Ant Financial-backed Zomato, Ola-owned Foodpanda and UberEats in the growing food delivery space in the country.

In June this year, Swiggy had raised USD 210 million in funding led by Naspers and DST Global. Since then, the company has expanded to 42 additional cities and doubled its gross merchandise value. It has close to 1.2 lakh active delivery partners on its platform.

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