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Bloomberg
Indian startup Swiggy has raised $210 million in a round led by South Africa’s Naspers Ltd. and investment house DST Global, setting a stage for a battle between well-funded players in the sizzling food-delivery sector.
The financing values the four-year-old startup at well over $1 billion, according to people familiar with the deal. That makes Swiggy the second unicorn to emerge from the segment, said the people, who asked not to be identified discussing private details, after New Delhi-based Zomato.
Startups that specialise in delivering all-time favourites from paneer tikka to mutton biryani have snagged at least half a billion dollars in financing this year from some of
the world’s largest internet
investors and companies. Zomato received $150 million in February from billionaire Jack Ma’s Ant Financial, while Swiggy’s latest round comes on the heels of a $100 million financing in February that was also led by Naspers.
Its valuation has jumped by over a third in the course of a few months, said one of the people familiar with the deal. New investors this time
included DST and Coatue
Management, joining existing backers Naspers and Meituan Dianping, the Chinese food-delivery giant. Bangalore-headquartered Swiggy already lists 35,000 restaurants and 40,000 delivery people across 15 cities.