Naspers has announced that it has executed definitive agreements to lead a R1 billion Series H round in Swiggy. File Image: IOL

DURBAN - Naspers has announced that it has executed definitive agreements to lead a $1 billion (R14.19bn) Series H round in Swiggy. 

Swiggy is India’s largest food delivery platform with a $660 million investment. 

The round includes participation from several existing investors including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital and Wellington Management.

Naspers’ substantial investment in Swiggy, as well as its recent investment in BYJU’S leading a $540 million funding round, demonstrates the company’s commitment to India across multiple sectors. 

Indian online consumers will be a significant driver of online growth in the world, and in addition to food and education.

The quality of the best Indian entrepreneurs and their ability to build innovative businesses that address the unique needs of the Indian consumer offer unparalleled growth opportunities.

Swiggy’s unprecedented growth and focus on providing the best service possible for Indian consumers is demonstrated by the doubling of its gross merchandise value in the last six months, as it continues to unlock the tremendous potential in Indian food delivery.

Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners. 

Additionally, Swiggy will use the capital to hire top-notch talent, especially for machine learning and engineering roles across mid and senior levels. The company will also strengthen its technology backbone and focus on building the next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.

"Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians," said Sriharsha Majety, Chief Executive of Swiggy. 

"We first partnered with Swiggy in April 2017 because we recognized the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country," said Larry Illg, Chief Executive Food and Ventures. 

The latest round of capital will help to accelerate Swiggy’s journey towards its vision of providing unmatched convenience in food ordering and delivery for Indian consumers. 

BUSINESS REPORT ONLINE