Indian venture Swiggy bags major funding

Indian food delivery startup, Swiggy, has snagged $113 million as part of a funding round led by South African conglomerate Naspers.

This values the venture at nearly $3.6 billion. It has raised around $1.57 billion to date.

“Over the last couple of years, we have made strong strides in our vision of delivering unparalleled convenience to urban consumers. and created multiple growth avenues for our partners while continuing to invest in new lines of business,” Sriharsha Majety, CEO and Co-founder, Swiggy, said in a statement. 

He added that the fresh capital will go towards new lines of business such as cloud kitchens and delivery beyond food items, and helping the company get on a “sustainable path to profitability.”

The investment comes just a few weeks after rival Zomato acquired UberEats India. Zomato recently raised $150 million from Ant Financial, an Alibaba Group affiliate, at a valuation of $3 billion. 

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