INSUBCONTINENT EXCLUSIVE:
Prosus Ventures, the biggest venture capital for food delivery startups, led the round.Meituan Dianping and Wellington Management Company
The new round values Swiggy at about $3.6 billion, only slightly above its $3.3 billion valuation from the previous round, a source familiar
with the matter told A Technology News Room
The startup has raised about $1.57 billion to date.Sriharsha Majety, co-founder and chief executive of Swiggy, said the startup will use the
has one of the best operational teams in food delivery globally
of Prosus Ventures and Food, in a statement.The Bangalore-headquartered firm, which is operational in 520 cities, said it has witnessed a
2.5x growth in the volume of transactions in the past year
Its restaurant partners base has also grown to 160,000 and more than 10,000 are joining the platform each month.Some analysts say that it
will be very challenging for Swiggy and Zomato, both of which are spending over $20 million a month to win customers, to reach
profitability.Unlike in the developed markets like the United States , where the order value of each delivery is about $33, in India, a
similar item carries the price tag of $4.Anand Lunia, a VC at India Quotient, said in a recent podcast that the food delivery firms have
At stake is a $4.2 billion opportunity, according to research firm Redseer
But Zomato, which raised $150 million earlier this year, and Swiggy have alone picked up more than $2.1 billion from the market already.
