Naspers pours $80m into Indian platform
Naspers, a global internet and entertainment group and one of the largest technology investors in the world, today announced that it led an $80 million Series E investment in India-based Swiggy, an online food ordering and delivery platform in India. Ashutosh Sharma, head of investments in India for Naspers, will join the Swiggy board. The investment will help to bolster Swiggy’s growth plans and demonstrates Naspers commitment to help Swiggy become the undisputed leader in food ordering and delivery across India.
Food delivery in India is an under-penetrated but massive market and Swiggy has experienced significant growth since it was founded in 2014. Swiggy has attracted over 12 000 restaurants to its platform and has experienced a six-fold growth in revenue over the past 12 months. Swiggy has a consolidated market leadership position across all the cities it operates in and has earned strong consumer trust by delivering meals in an industry-best average of 37 minutes per order.
"Swiggy has shown impressive growth in a highly competitive market," said Sharma. "Naspers was attracted to the company's exceptional execution in disrupting online food ordering and delivery in India while many players are struggling. Swiggy's ability to create a sustainable business, earning consumer trust through a reliable first-party delivery technology, positions it well for success."
"In a span of three years, Swiggy has been instrumental in changing the way India eats by delivering delightful customer experiences. This investment by Naspers is further testimony to Swiggy's vision and performance," said Sriharsha Majety, co-founder and CEO, Swiggy. "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; making online food ordering and delivery more seamless and reliable to users everywhere."
Naspers has deep expertise in building marketplace businesses globally, including the leading food delivery business in Brazil, iFood, and in Mexico, SinDelantal. The company also recently invested in Germany-based Delivery Hero, the leading online food ordering and delivery platform in the majority of the 40+ countries in which it operates.