ChatGPT may only be the tip of the iceberg when it comes to incoming AI (Artificial Intelligence) tools for marketers. There are more AI…
Internet and media group Naspers announced this week that it had invested $80-million in online food ordering and delivery platform Swiggy in its Series-E funding round.
During the five rounds of funding, Swiggy has all together raised $155.5m.
Swiggy launched in 2014 in Bengaluru, India. Today the platform covers eight cities, namely: Bengaluru, Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata.
The platform has over 1,000 employees across all functions such as sales, marketing, technology and customer service with 13,000 delivery executives.
Speaking to Ventureburn, Swiggy’s marketing vice-president Srivats TS said the funds would help the startup to double its technology headcount and increase investments in core engineering, automation, data sciences, machine learning and personalisation.
In a press release released on Tuesday Naspers said Swiggy has already attracted over 12,000 restaurants to the platform and has recorded a six-fold increase in revenue growth over the last 12 months.
‘Swiggy has has shown impressive growth in a highly competitive market’
Ashutosh Sharma, head of investments in India for Naspers, said Swiggy has shown “impressive” growth in a “highly competitive market”.
“Naspers was attracted to the company’s exceptional execution in disrupting online food ordering and delivery in India while many players are struggling. Swiggy’s ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions it well for success,” Sharma continued.
When speaking on whether or not Swiggy will remain in India or use its investment to expand, Srivats said that the team will continue to invest in the startup’s vision of “changing the way India eats”.
Srivats also spoke on the current bubble in the food delivery sector saying that it’s still a young market with a lot of potential.
“When it comes to food ordering and delivery, the market is still in its infancy, with tremendous potential. At Swiggy, we understand that we have the opportunity to change food ordering and delivery from being a mere convivence to a great experience for consumers. It is this customer-centric approach that has led to our market leadership position.”
Naspers declined to comment further on the details of the investment, saying the company is currently in a closed period of reporting.
Featured image: Swiggy via Facebook