The Bengaluru-based foodtech company Swiggy has raised the funding of $100 million of Series F led by Meituan Dianping which is a Chinese e-commerce. Series E funding of the company was raised at $80 million last year in May. This present funding is going to strengthen the market position of the company along with its new service and new product offerings. Swiggy has raised as much as $255 million so far in six funding rounds. The fund raise will also be used to increase the increments in the business line of the new supply which was launched by the team last year.
The company has introduced new initiatives since the last round of funding such as capital assist in order to help restaurants serve their consumers in a better way, swiggy access and long-distance delivery. The company has increased the strength of its senior leadership as well with numerous additions to the team. The top-rated food app too went under a reconstruction and was made much more personalized and easy to use thereby offering a superb food ordering experience to its customers.
The team has seen that the revenues have increased by 500 percent from the last year with the volumes doubling since May 2017. The CEO of Swiggy has felt he performance of the company growing consistently. As per him, Swiggy has risen above the competition and has been able to create long and ever-lasting relationships with its customers. UberEats and Foodpanda backed up by Ola have all occupied the foodtech space apart from Swiggy and Zomato. UberEats took a year to come in the competition in the US and it took time. Whether or not the company can wait in India amongst the strong competitors depends on time. Ola will now be in competition with Swiggy and Zomato.