Swiggy Raises Series D Funding of $15M from Bessemer Venture Partners
Swiggy, Indian food ordering and delivery platform, has raised $15 million in a Series D funding from Bessemer Venture Partners. Existing investors also participated in this round. This is close on the heels of the Series C funding of $35 million raised in January 2016, from existing and new investors, including New York-based investors Harmony Partners and Singapore-based RB. This investment takes the total funds raised by India’s largest food ordering platform to $75.5 million. The freshly raised funds will fuel Swiggy’s next growth phase, with an improved customer experience at its core. This will include technology upgrades, a wider spread of restaurants to choose from and better delivery efficiency.
To spearhead the next phase of growth, Swiggy has recently ramped up its senior leadership by hiring vice presidents across the following functions - marketing, product, HR, design and Finance. These leaders have in the past nurtured high-growth companies and have driven organisation-wide efficiencies. Their expertise will be instrumental in shaping the strategy and maintaining Swiggy’s leadership position in a fast growing category.
Innovation is core to Swiggy and it is undertaking new initiatives as it constantly strives to address the growing needs of different consumer segments. In the months to follow, Swiggy will continue to focus on consolidation and capturing a larger share of the market under the guidance of the new VPs.
Since its inception in 2015, Swiggy has rapidly grown to become the leader in the Indian food delivery sector by consistently reducing delivery times and improving customer experience. The fastest food delivery service in the country, Swiggy’s average delivery time is an industry benchmark of 37 minutes.
“We are excited to partner with Swiggy. Swiggy's full stack approach coupled with great execution has resulted in unparalleled customer experience, retention and business economics. We look forward to working with Sriharsha and the management team as they further cement Swiggy's leadership position in the India market.” quotes Vishal Gupta, Managing Director at Bessemer Venture Partners.
Speaking on the Series D fund raise, Sriharsha Majety, Co-founder and CEO, Swiggy, said, “We are excited about the funding as this is a validation of our performance and recognition of our leadership, in addition to being testament to the tremendous potential of the food tech sector. Our strong growth in the last few months shows that our customers are increasingly becoming accustomed to a new behaviour of ordering food for the experience, rather than only for convenience. Our vision is to change the way India eats and we want to be the top of mind recall for the users for all their four meals a day.”
The inception of this Bangalore based company was inspired by the thought of providing a complete food ordering and delivery solution to customers and the product is wholly dedicated to this cause. The idea was to get the most preferred food from the best restaurants in a neighbourhood delivered to customers, at their doorstep. Swiggy processes the orders on its platform via its own delivery fleet which is responsible for picking up and delivering food to its customers. Having its own delivery fleet enables them to offer their customers a variety of convenient features like faster deliveries, no minimum order and live tracking of their delivery. Currently present in 8 cities across the country and has over 9000 restaurant partners live on its platform.
