Naspers leads $1bn funding round in Swiggy

Online food delivery start-up Swiggy has raised $1 billion (Rs 7,000 crores) in a fresh round of funding led by South African technology conglomerate Naspers, marking one of the single-largest infusions into an Indian start-up. In a statement, Swiggy said that the Series H round also received contributions from new investors including Chinese conglomerate Tencent, Hillhouse Capital and Wellington Management Company. Apart from Naspers, existing investors who participated in the round included DST Global, Meituan Dianping and Coatue Management, it added. The investment valued Swiggy in the ballpark of $3.3 billion. This would mean that its valuation has more than doubled since it raised capital six months ago. Swiggy further said that it will use the fresh capital to on-board more food brands, hire talent for its engineering vertical, and ramp up its technology backbone.