Swiggy, the online food ordering service, raised $15 million in Series D funding led by Bessemer Venture Partners on Sept. 19. Existing investors Norwest Venture Partners, Accel Partners and SAIF Partners participated in the latest round taking the total amount raised by the Bengaluru-based food start-up to $75.5 million.
The money will be utilised for hiring, upgrade technology and widen the number of restaurants under its fold to expand the range of offerings to customers. Swiggy currently has a presence in eight cities including Mumbai, Hyderabad, Pune and Kolkata, and about 9,000 restaurants on its platform, according to the two-year-old venture, reported by Tech in Asia.
The start-up was founded by Sriharsha Majety, Nandan Reddy and Rahul Jaimani, the company is in competition with rivals such as Zomato, Foodpanda and TinyOwl.
The May 10 funding of $7 million had valued Swiggy at $130 million. "Swiggy just needs to scale up to make money on a unit economics level. We've already done all of that in Bengaluru and Hyderabad where we make money on every delivery. Every city needs a 9-15 month timeframe to become EBITA positive," Sriharsha Majety, co-founder and chief executive of Swiggy was quoted as saying by the Business Standard.
In January, the venture had raised $35 million, six months after its Series B fund-raising of $16.5 million.