Corrected: Food delivery firm Swiggy raises $1 billion in Naspers-led funding round

(Corrects paragraph one to say the company raised $1 billion, not $1 million) MUMBAI/BENGALURU (Reuters) - Online food delivery company Swiggy said it had raised $1 billion in its latest funding round, led by South African internet group Naspers Ltd. China's Tencent Holdings Ltd, Hillhouse Capital and Wellington Management Company also took part in the funding round, together with Swiggy's existing investors, DST Global, Meituan Dianping and Coatue Management, Swiggy said. Naspers said in a statement it had invested $660 million in Swiggy during this latest round

Reuters December 21, 2018 01:05:53 IST
Corrected: Food delivery firm Swiggy raises $1 billion in Naspers-led funding round

Corrected Food delivery firm Swiggy raises 1 billion in Naspersled funding round

(Corrects paragraph one to say the company raised $1 billion, not $1 million)

MUMBAI/BENGALURU (Reuters) - Online food delivery company Swiggy said it had raised $1 billion in its latest funding round, led by South African internet group Naspers Ltd.

China's Tencent Holdings Ltd, Hillhouse Capital and Wellington Management Company also took part in the funding round, together with Swiggy's existing investors, DST Global, Meituan Dianping and Coatue Management, Swiggy said.

Naspers said in a statement it had invested $660 million in Swiggy during this latest round.

Swiggy, based in the southern Indian tech hub of Bengaluru, is valued at a little over $3 billion after this funding round, a source familiar with the matter told Reuters.

The company did not respond to an email seeking comment on the valuation.

Naspers said its Swiggy investment showed it was committed to India across multiple sectors.

"Indian online consumers will be a significant driver of online growth in the world," it said.

Naspers’ other investments in India include online classifieds firm OLX, online travel firm MakeMyTrip and payments company PayU.

Swiggy will use the funds to hire and strengthen its technology backbone, the company said.

The firm, which runs a mobile-based application and a website for food-delivery services, currently operates in more than 50 Indian cities.

It competes with homegrown riding-hailing firm Ola's Foodpanda, Uber's food delivery service, and China's Ant Financial Group-backed Zomato, which is valued at more than $1 billion.

Swiggy has raised a total of $1.26 billion since it was founded in 2014, including the latest round.

Naspers is in the middle of deploying a nearly $10 billion war chest to scale up its e-commerce ventures and make new investments in online classifieds, payments and food delivery platforms.

Cape Town-based Naspers earlier this year sold its 11.2 percent stake in Indian e-commerce company Flipkart to Walmart Inc.

But Naspers is still betting big on India and recently led a $540 million funding round in Indian edu-tech startup BYJU's.

(Reporting by Sankalp Phartiyal in MUMBAI and Krishna V Kurup in BENGALURU; Additional reporting by Tiisetso Motsoeneng in JOHANNESBURG; Editing by Himani Sarkar and Jane Merriman)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.