The well-known “Swiggy”, the partner of food delivery, has bagged an additional $43 million to expand their new business.
Swiggy’s investors Ark Impact, Korea Investment Partners, Mirae Asset Capital, Samsung Venture all are part of it. This February, this startup company has raised $113 million from Proses Ventures, and they are the biggest investors in Bangalore and other parts of the country.
This five years old Swiggy has raised $ 1.42 billion till this date. The value is $ 3.6 billion, and this is told by TechCrunch. The famous company Tencent did investment around $19 million. These figures are disclosed by the local regulator of Swiggy.
The announcement was done by the New Delhi government, and the lockdown was three weeks for 1.3 billion people who can bid to spread the coronavirus outbreak. This lockdown affects several businesses, mainly food delivery.
Due to this issue, many companies are exploring some new categories to serve their customers. Swiggy started doing grocery delivery in many parts of the country.
Swiggy’s executive said that $ 1 billion has raised in December 2018, and they are also looking to build sustainability so that they can get continuous profit.
Swiggy’s CFO Rahul Bothra told that they have to be sustained in the food delivery business to solve the customer’s pain points. To straighten their continuity, they need to offer unparalleled service, and they are also welcoming the new investors on the board. They are also focusing on their profitability.
Like Swiggy, Zomato also picked the capital last month. This January, this 11-year old firm raised funds from Ant Financial.