Swiggy Bags A Fund Of $113 Million Led By ITS Existing Investor Naspers
Swiggy's valuation has been largely flat from its previous $1billion round
This also comes in a month after rival Zomato acquired UberEats India operations for a 10 per cent equity stake. Uber Eats has since then ceased to exist as a separate brand locally with users being redirected to Zomato’s app. Weeks prior to the deal Zomato raised $150 million from existing investor Ant Financial, an Alibaba affiliate at a $3 billion valuation.
Swiggy will, however, need a large war chest to build a consumer facing logistics network as it expands its footprint across the country, especially in smaller towns and cities and in parallel also scales up its services beyond food delivery. The company has over the last few months started grocery delivery service Swiggy Stores, concierge service Swiggy Go as well as scaled-up SuperDaily -its everyday micro delivery service.
Earlier this year, ET reported that after eighteen months of exponential growth in order numbers hurt by the slowdown in consumer spending coupled with major players like Zomato Swiggy and UberEats cutting discounts and promotions.