Swiggy said on Thursday, 20 December, that it has closed a $1 billion funding round, led by existing investor Nasper, a move that will give the food delivery platform more muscle to compete against players like Zomato and FoodPanda.
Swiggy, in a statement said, it has executed definitive agreements for a $1 billion round of funding led by Naspers and saw new investors – Tencent, Hillhouse Capital and Wellington Management Company coming on board.
The series H round also saw participation from other existing investors including DST Global, Meituan Dianping and Coatue Management, it added.
The fresh capital infusion will provide more ammunition to Swiggy as it battles Ant Financial-backed Zomato, Ola-owned Foodpanda and UberEats in the growing food delivery space in the country.
It added that the fresh capital will also be used to hire talent, especially for machine learning and engineering roles across mid and senior levels.
Swiggy is focused on further strengthening its technology backbone and focus on building a next-generation AI-driven platform for hyper-local discovery and on-demand delivery, it said.
In June this year, Swiggy had raised $210 million in funding led by Naspers and DST Global. Since then, the company has expanded to 42 additional cities and doubled its gross merchandise value. It has close to 1.2 lakh active delivery partners on its platform.
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