South African media company Nasper has pumped $80 million into the online food delivery start-up Swiggy in the series E funding. Ashutosh Sharma, head of investments in India for Naspers will join the board of the company as part of the deal.
Existing investors Accel Partners, SAIF Partners, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners also participated in the funding round.
The new round of funds is to be used for technological advancements, including automation, data sciences, machine learning and personalization.
“In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful consumer experiences. As the market leader, we are leveraging our deep understanding of the Indian consumer and the gaps in the market to introduce disruptive and highly differentiated service offerings,” Sriharsha Majety, co-founder and chief executive at Swiggy, said in a statement.
The online food ordering segment has been severely hit within the last couple of years with start-ups like Dazo and Eatlo shut shop and many got acquired.
Swiggy currently operates in eight cities—Bengaluru, Delhi, Mumbai, Chennai, Pune, Gurgaon, Hyderabad and Kolkata. The company is also piloting its own kitchens in Bengaluru.