Swiggy orders $113 million in funds to take on Zomato-UberEats combine
Swiggyraised $113 million (₹804.68 crore) from MIH India Food, Hadley Harbor and Inspired Elite Investments.
foodtechaggregator is issuing 34,078 shares in the Series I round.
- Swiggy’s fundraising comes after its rival Zomato acquired UberEats in January 2020.
Interestingly, MIH India Food is owned by Naspers, while Hadley Harbor is backed by Wellington Management. According to the filings, Swiggy is issuing 34,078 shares in the Series I round.
Meanwhile, Swiggy has not yet responded to Business Insider’s queries. It had last raised a whopping $1 billion in December 2018 – taking its valuation to $3.3 billion.
The fight for the top spot
Swiggy’s fundraising news comes after its rival Zomato acquired UberEats in January 2020. Zomato and Swiggy are clamouring for the top spot in the Indian foodtech segment.
The recent Zomato-Ubereats deal claims to have given Swiggy’s closest competitor - Zomato - a 55% market share. But sources told Business Insider that Swiggy still holds 60% revenue share with almost 45 million monthly transactions.
However, Swiggy also claims that it remains India’s most loved brand. In an earlier interview with Business Insider, Srivats T S, VP marketing of Swiggy said that the company’s focus has been on building different categories for consumers.
Today, they have multiple offerings like – Swiggy Pop, affordable single serve offerings, Swiggy Access, the cloud kitchen service, Swiggy Stores and Swiggy Go - that traverse across food and grocery delivery.
“As a result of all of this, we’ve become the most loved food delivery brand in the country and continue to strengthen our strong leadership position,” he said.
Swiggy, which is currently present in over 500 cities, aims to reach 600 cities by the end of 2020.
Swiggy says it's the most loved brand and doesn’t need discounts
Uber couldn’t do what Ola did – instead joins hands with Zomato to leave behind Swiggy