Overview of Swiggy
- Swiggy is an on-demand food delivery platform, operating in over 500 cities that brings food from neighborhood restaurants directly to customers ‘ doors.
- The fundraise has raised Swiggy’s valuation to more than $4.9 billion from its previous ascribed valuation of $3.6 billion in 2020.
- The next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and their target segment for convenience grows to 500M (million) users over the period.
- Swiggy which has approximately 60% share in the foodtech industry raised this round funding only weeks after its arch rival Zomato raised $ 250 million in its latest funding round and plans to go public this year.
Funding in Swiggy
- Swiggy has raised $800 million in its latest Series J round of financing with Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac and Goldman Sachs joining as new investors. Sovereign wealth funds Qatar Investment Authority and GIC of Singapore were also part of the financing round
- Swiggy has raised a total of $2.4B in funding over 13 rounds by 23 investors out of which 11 of them are the lead investors of Swiggy.
- The company’s business grew by 85% in the fiscal year 2019-20 with the addition of 100000 restaurants and over 2 lakh delivery fleet.
- Swiggy’s revenue grew 129% year-on-year (YoY) from INR 1,292 Cr in FY19. During the same period, Swiggy’s total expenses grew 88% YoY to INR 6,864 Cr. As a result, the company’s losses grew 66% from INR 2,362 Cr in FY19 to INR 3,909 Cr in FY20
- Indian food-tech aggregators are attracting investor interest, given the rise in demand for home delivery of food following the Covid-19-led lockdowns. Indian food-tech aggregators secured the second-highest amount of funding from investors in the first two quarters of FY21.
