India’s online food delivery unicorn Swiggy on March 6 raised $43 million from its existing backer China’s multinational holding company Tencent with participation from Samsung Ventures, Mirae Asset Capital Markets, and Korea Investment Partners. The total investment until date from Tencent in Swiggy comes to $156 million.
The investment notably came amid the COVID-19 outbreak that is evidently the reason behind the elevated rate of online food orders by 70-80 percent. Swiggy is also witnessing growth in its online grocery and daily essentials business SuperDaily.
Swiggy last raised $113 million from Prosus Ventures along with Meituan Dianping and Wellington in February this year. Swiggy’s valuation as reported in February stood at $3.6 billion.
Commenting on the latest investment round, Rahul Bothra, CEO of Swiggy in a statement said,
“Swiggy has built a sustainable food delivery business over the years while solving various customer pain points … Our focus remains to execute on our vision while building a sustainable path to profitability,”