‘This funding would additional speed up Swiggy’s multi-year technique of rising its core enterprise and constructing new meals and non-food adjacencies in 2021 and past.’
Bengaluru-based Swiggy, a meals supply platform, stated it had raised $1.25 billion in funding, in a spherical led by SoftBank Vision Fund 2 and client web agency, Prosus, on July 20.
The funding spherical noticed participation from present traders, Accel Partners and Wellington Management and in addition new traders together with Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac.
This funding would additional speed up Swiggy’s multi-year technique of rising its core enterprise (meals supply), and constructing new meals and non-food adjacencies in 2021 and past, the corporate stated in a launch.
Swiggy would improve its capabilities in know-how and synthetic intelligence (AI), and strengthen groups throughout Engineering, Product, Data Science and Analytics in addition to in enterprise and provide chain for its newer initiatives, it additional stated.
“The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category. Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a short span, especially in the past 15 months of the pandemic,” stated Sriharsha Majety, CEO, Swiggy.
“I consider the following 10-15 years offer a once-in-a-lifetime alternative for firms like Swiggy because the Indian center class expands and our goal section for comfort grows to 500 million customers,” he added.
Munish Varma, Managing Partner, SoftBank Investment Advisers, stated, “SoftBank has successfully backed multiple food delivery platforms globally and seen the value of providing high quality convenience to consumers. We are happy to partner with Swiggy as they increase their service offerings and daily consumer touchpoints in the rapidly developing digital economy.”