Swiggy is on a roll. Within four months of raising $100 million, the food delivery major has scooped up $210 million in a Series G round from Naspers, DST Global, Coatue Management and Meituan-Dianping. US-based hedge fund Coatue Management has invested for the first time in Swiggy.
With this fund acquisition, Swiggy has now joined the covetous club of Unicorn. Unicorns are referred to private companies valued for a billion USD (or more).
The Bengaluru-based company will deploy funds towards sprucing-up supply chain and expansion. With the new round, Swiggy officially becomes the twelfth Indian Unicorn after Zomato, Paytm, BYJU’s and others.
Currently, it operates in 15 cities and claims to have more than 35,000 restaurant partners along with a fleet of over 40,000 delivery personnel. It does about 10 million orders a month.
So far, Swiggy has raked in over $460 million in total risk capital while its rival Zomato had raised $200 million from the Alibaba-owned entity Alipay in February this year.
Meanwhile, Swiggy is all set to enter micro-delivery space soon. Earlier this month, Entrackr exclusively reported that it had acquired Mumbai-based SuprDaily. The SuprDaily team is likely to drive its operations in the milk-tech segment.
In February this year, Swiggy had raised $100 million Series F round from Naspers and Meituan-Dianping.
On the back of massive funding and spurt in Internet users, the food-tech space in India is on a rise. According to the Kotak Institutional Equities, the food delivery and takeaway market is set to grow up to $29 billion by 2021 with the number of orders going up to 51 million on a monthly basis.