Reuters Dec 21, 2018 09:10:34 IST
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.
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.
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.
But Naspers is still betting big on India and recently led a $540 million funding round in Indian edu-tech startup BYJU’s.
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