According to reports, Online food delivery startup Swiggy is in talks with South African Internet and media conglomerate Naspers for a possible fundraise at a valuation of about USD 400 Mn. As per an ET report, Naspers is expected to invest USD 50 – 60 Mn, as a part of the funding round. Sources say that Swiggy has got a pre-money valuation of about USD 320 Mn.
Naspers set up its Venture Capital arm in India back in November 2016, Naspers set up a venture capital arm in India to accelerate its investments in the country. Ashutosh Sharma, formerly a part of Norwest Venture Partners, is leading investments and mergers and acquisitions in the firm. The firm has already invested in OLX, ibibo, PayU and holds a 15% stake in online retailer Flipkart.
Swiggy stood at a valuation of USD 200 Mn in September 2016, this was when it raised USD 15 Mn in its Series D funding round led by US-based venture capital firm Bessemer Venture Partners. Existing investors Accel India, SAIF Partners, and Norwest Venture Partners also participated in this round. Till date, Swiggy has raised around USD 75.5 Mn
Swiggy was founded in August 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini. It is currently functional in eight cities and has reportedly partnered with 9,000 restaurants. Major competitors for Swiggy include Zomato, Runnr, Shadowfax among others. Zomato recently declared its results for FY2017, indicating that its inching close to profitability. As per an IBEF report, the online food delivery industry grew at 150% year-on-year with an estimated Gross Merchandise Value (GMV) of $300 Mn in 2016.