Business

Swiggy Enters Unicorn Club, Raises 210 Million Dollar Investment

ANANYA BHATNAGAR | 0
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| June 21 , 2018 , 19:40 IST

Food delivery startup Swiggy On Thursday became a part of the Unicorn club, with Russian billionaire Yuri Milner's' DST Global and existing backer Naspers leading a $210 million investment.

The company said that hedge fund Coatue and existing backer Meituan Dianping are also participating in this round, as it beefs up its war chest to battle Zomato, Ubereats and Foodpanda.

The additional capital will be used by Swiggy to ramp up its supply chain network and expand to new markets. Swiggy was valued at $700 million in February, and the recent round is expected to value it over $1.2 billion.

In a statement, the company has said that they will also double their technology headcount to build for robust operations, deep personalization and connected supply chain systems.

Swiggy CEO Sriharsha Majety in a media briefing said, ”We’re thrilled to have grown the online food delivery market in India at an exponential rate, always keeping our consumers at the helm. With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem. Continual trust from globally reputed investors strengthen our core objective of enriching the lives of our consumers and partners by making our services more convenient and hassle-free,”