Food ordering co Swiggy gets $15 mn from Bessemer Venture Partners, raises $75 mn in all
The freshly raised funds is expected to fuel Swiggys next growth phase, with an improved customer experience
Mumbai: Food ordering and delivery platform Swiggy Monday said it has raised $15 million in a fourth strategic round of funding (Series D) from Bessemer Venture Partners, with existing investors also participating.
The freshly raised funds is expected to fuel Swiggy's next growth phase, with an improved customer experience. This will include technology upgrades, a wider spread of restaurants to choose from and better delivery efficiency, Swiggy said in a
This comes close on the heels of the $35 million it raised in January 2016 from existing and new investors, including New York-based Harmony Partners and Singapore-based RB.
With this latest round of funding, the company has now raised $75.5 million in all, it said.
"Our strong growth in the last few months shows that our customers are increasingly becoming accustomed to a new behaviour of ordering food for the experience, rather than only for convenience. Our vision is to change the way India eats and we want to be the top-of-mind recall for the users for all their four meals a day," Sriharsha Majety, Co-founder and CEO, Swiggy said.
To spearhead the next phase of growth, Swiggy has recently reorganised its senior leadership by hiring vice presidents across various functions like marketing, product, HR, design and Finance.
Their expertise will be instrumental in shaping the strategy and ensuring Swiggy's "leadership position in a fast growing category," it said.
In the months to follow, Swiggy will continue to focus on consolidation and capturing a larger share of the market under the guidance of the new executives, it said.
Swiggy, Zomato to collect 5% GST from customers starting 1 Jan, 2021; here's how much you will have to pay
Nirmala Sitharaman made the announcement after the GST Council meeting, which has made the decision for ease in tax administration.
Bringing the food-delivery apps under GST, the finance ministry clarified that no new taxes were being announced, and that the GST collection point was simply being transferred