Swiggy, a food ordering and delivery startup based out of Bangalore, India, raised $35 million in a Series C round of funding. The company attracted two new investors, New York-based venture capital firm Harmony Partners Ltd., and Singapore-headquartered venture capital firm RB Investments Pte. Ltd. Existing investors Norwest, SAIF and Accel were also among those who invested in this round.
VCCircle says Swiggy offers online food ordering service from restaurants in eight cities including Bangalore, Gurgaon, Hyderabad, Delhi, Mumbai and Pune. The company Website claims it has over 5,000 restaurants listed on its platform; its order count has grown over 20 times in the last few months; and its average delivery time is 36 minutes per order.
The online food ordering business in India is estimated to be worth around $9.4 billion, (Rs 6,000 crore,) growing at about 30 percent month-on-month, according to India Brand Equity Foundation.
Swiggy has raised funds at a time when other similar business models are laying off staff or shutting down businesses. It faces stiff competition from Zomato, which entered the food delivery business in April last year.
