The platform plans to utilize the funds for hiring engineering talent and develop deeper technology for better prediction of demand, consumer preferences and improving delivery efficiencies
Online food ordering and delivery platform, Swiggy has raised $80 million in Series E funding. The deal was led by Naspers, with participation from existing investors including Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.
As part of the capital raise, Ashutosh Sharma, head of investments in India for Naspers will join the Swiggy Board.
The platform plans to utilize the funds for hiring engineering talent and develop deeper technology for better prediction of demand, consumer preferences and improving delivery efficiencies. It will also look at geographical expansion beyond the centres they are present in, faced with new competitors in the space such as UberEats.
Sriharsha Majety, CEO, Swiggy, said, "We have a fully scaled technology platform but will look at growing our data science and machine learning capabilities. Our current team size in data sciences in single digits but we plan to grow that. We will also double our engineering team by 2018 to 200 people and will be hiring for middle and senior leadership teams."
He said, "The part of the capital will also be leveraged to increase the service offerings of Swiggy to restaurant partners as opposed to plain vanilla order placement and fulfilment operations. The platform had also started cloud kitchens as part of its offerings to restaurant partners looking to serve in areas where they do not have a physical presence. "
Sharma said, "Swiggy has shown impressive growth in a highly competitive market. Naspers was attracted to the company's exceptional execution in disrupting online food ordering and delivery in India while many players are struggling. Their ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions them well for success."