Funding · Commerce & Consumer Brands

Swiggy raises ₹142.5 crore in Series I round led by Tencent

By Startup Enthusiast · 6 April 2020

What they do

Swiggy is a food delivery platform based in Bengaluru, India

The company raised ₹142.5 crore in its ongoing Series I round led by Tencent, with other investors including Ark Impact and Samsung Ventures

The funding brings Swiggy's valuation to about $3.65 billion, despite a significant drop in order volumes due to the lockdown

Swiggy, a Bengaluru-based food delivery platform, raised ₹142.5 crore in its ongoing Series I round led by Tencent.
The round also included investments from Ark Impact, Korea Investment Partners, Samsung Ventures, Mirae Asset Capital Markets, and MACM India Growth.
The total size of the Series I round now stands at $156 million.
Swiggy's valuation has increased to about $3.65 billion following this funding.
The company had previously raised ₹805 crore from Naspers, Hadley Harbour Master Investments, and Meituan.

The funding comes at a time when food delivery platforms are struggling due to the nationwide lockdown.
Swiggy and Zomato have both seen a 70% decrease in order volumes during the lockdown.
Swiggy's revenue in FY19 was ₹1,122 crore, but its expenses were ₹3,638 crore.
The biggest revenue contributor was from marketplace services, which stood at ₹805.7 crore.

Swiggy is a food delivery platform that connects customers with restaurants and delivers food to their homes.
The company operates in multiple cities across India and has a large network of delivery partners.
Swiggy generates revenue through marketplace services, promotions, and delivery fees.
The company launched Swiggy Stores in February 2019, which has been gaining momentum.
Swiggy's main competitors include Zomato, which has also expanded into grocery delivery services.

Swiggy plans to address the issue of sluggish demand and compliance challenges.
The company aims to build a sustainable path to profitability.
Swiggy is also expanding its services, including grocery delivery through Swiggy Stores.

Tencent (lead) — A Chinese tech giant and one of the world's largest internet companies.
Ark Impact (investor) — An investment firm focused on impact-driven ventures.
Korea Investment Partners (investor) — A South Korean investment firm with a focus on global markets.
Samsung Ventures (investor) — The venture capital arm of Samsung, investing in technology and innovation.
Mirae Asset Capital Markets (investor) — A financial services company offering investment banking and asset management.
MACM India Growth (investor) — A New Delhi-based investment firm focused on growth-stage companies.