Swiggy raised $1 billion in funding

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Swiggy is one of the biggest competitor of Zomato in Indian Food-tech Industry. With this funding, Swiggy is now fifth most valuable startups in India, Total valuation of $3.3 billion, ready to beat zomato.

Fund was raised by Nasper Ltd, one of the largest global Internet and Entertainment group.  Of the $1 billion, $800 million will be primary capital or fresh funds. In the latest funding round, China’s Meituan Dianping and Coatue Management also participated. Apart from Tencent, other new investors included the likes of Hillhouse Capital and Wellington Management Co.

Swiggy’s valuation increased rapidly by five times in a year, It was around $700 million in February which was agian backed by Nasper Ltd and others.
Pressure being built on rival Zomato, which has so far raised more than $400 million and was last valued at $1.1 billion.

In the food delivery business, top companies such as Swiggy and Zomato need to keep raising capital to win share in a cut-throat, competitive market.

With this funding, Swiggy will try to fill the space in the current ecosystem and planned to develop AI based solution in the future.

Such a huge fund-raise again helps to take-off the food-tech startups in India. Apart from Swiggy, There are Zomato, UberEats and FoodPanda in the competition and very strong players. In coming days, Ola will be in the direct competition with all existing Food Delivery players.

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