India-based food delivery platform Swiggy has raised $1bn through Series H funding round, which has seen participation from existing investor Naspers.
This is considered to be the single largest financing round in the country’s food delivery segment, reported Moneycontrol.com.
Naspers has invested $600m in this round, which has seen participation from investors such as DST Global, Meituan Dianping and Coatue Management, Tencent, Hillhouse Capital and Wellington Management.
The food delivery platform will use the investment to expand its business in India as well as enhance the experience of urban consumers.
Swiggy will also focus on adding quality food brands to its network, as well as address supply issues through delivery-only kitchens under its ‘Access’ initiative for restaurant partners.
In addition, Swiggy will hire new mid and senior level executives with expertise in machine learning and engineering.
It will also use the proceeds from the funding round to build next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.
Naspers food and ventures CEO Larry Illg said: “Swiggy has ten times the number of orders per month since our first investment, has expanded throughout India to tier one, two and three cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide.
“Our 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.”
The online food delivery platform also raised $210m through a Series G funding round, co-led by Naspers, in June, and another $100m through Series F funding round, led by the same company in February.