Swiggy soon to raise $300-500 Million from Japanese conglomerate Softbank
Swiggy soon to raise $300-$500 Million funds from Japanese conglomerate Softbank.
Swiggy it is currently the fifth highest valued company in the Indian startup ecosystem with a valuation of $3.3 Billion.
Zomato is valued $2.6 Billion in market.
Food tech unicorn Swiggy soon to raise $300-$500 Million funds from Japanese conglomerate Softbank. Swiggy has till now raised $1.5 Billion funds since it’s an inspection in 2014. Its investors include Naspers, Bessemer Venture Partners, SAIF Partners, DST Global, Norwest Venture Partners, and Accel.
From the initiation of the year market researchers were in dilemma to whom Softbank will choose among Swiggy and Zomato for fueling funds. However, according to records of January, they claim that Zomato is making new investors including Ant Financial to join its board and put $1 Billion in its funding round.
On seeing at valuation aspects of Swiggy it is currently the fifth highest valued company in the Indian startup ecosystem with a valuation of $3.3 Billion while it’s rival Zomato’s valuation is $2.6 Billion. Swiggy is continuously enhancing its business by raising huge funds from investors.
In December last year, it has raised $1 Billion from South African Technology conglomerate Naspers. It is one of the single largest funds in Indian startup till now. Post this fund Swiggy was valued $3 Billion. Other investors who have taken interest in fueling Swiggy so far are Hillhouse capital a Chinese Conglomerate Tencent, DST Global a Wellington Management Company, Coatue Management, and Meituan Dianping.
Swiggy is currently providing its services in more than 80 cities of India. It is giving great competition to Zomato, UberEats, and Foodpanda in order and food delivery industry. Swiggy along with Zomato made the net sale of Rs. 470 Crore in the Financial year 2017-18 and sales of Swiggy was more than triple than previous year’s.
It has also launched a new subscription program Swiggy Daily. Swiggy Daily is a separate app that permits users to choose three days to a month-long subscription. Swiggy Daily is especially meant for users who look for healthy home-cooked food. It promises homestyle meals from hand-picked kitchens and trusted home chefs around users’ locations. It is providing kitchens catering to wide Indian cuisines such as Bengali, Punjabi, Tamil, Rajasthani, and Mughlai.
Apart from this Swiggy is expanding its portfolio of offerings to gain more revenue from the market and give tough competition to its rivals Zomato and UverEats. Recently Swiggy has also put an entry into on-demand product delivery from over 3,500 stores including 200 renowned brands including MomsCo, Needs Supermarket, Licious, Guardian Pharmacy, Marche, Zappfresh and Apollo. It has taken this step to elaborate its portfolio of offering more than food delivery. A new offering by Swiggy stores can be used in Swiggy app itself and will cover various types of products including vegetables, supermarkets, fruits, kiranas, baby care, florists, pet care stores, heal and supplements and meat stores and much more. It will deliver above-mentioned products in a time of less than an hour. The success story of this service is a matter of concern for market.
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