Bangalore-based food delivery start-up Swiggy has raised Rs.105 crore in a Series B round of funding from Norwest Venture Partners, existing investors Accel Partners and SAIF Partners and an undisclosed global investment firm.
Swiggy will use the funds to expand to 12 cities, including Mumbai, Chennai and Pune, in the next three months, according to the press statement.
“This investment will help us expand exponentially as we intend to establish ourselves in several new cities by the end of the year,” said Sriharsha Majety, the firm’s chief executive.
Founded in August 2014, Swiggy had earlier raised $2 million in Series-A funding from SAIF Partners and Accel Partners in April. The company currently operates in Bangalore, Gurgaon and Hyderabad and will invest in growing its 20-member technology team to a 100-member unit that will drive data analysis and food and restaurant recommendation. It also plans to build a robust technology platform and delivery fleet, besides marketing and branding initiatives.
Swiggy competes with the likes of Zomato, Foodpanda India and Runnr and also faces stiff competition from Zomato, which has also entered the food delivery business
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