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New investors Ark Impact, Samsung Ventures, Korea Investment Partners and Mirae Asset Capital Markets, along with existing investor Tencent, all participated in the round. The new funding brings Swiggy’s valuation to $3.6 billion, a source familiar with the matter told TechCrunch.
Swiggy is well capitalized to grow–the company raised $113 million in February, with Prosus Ventures as the lead investor.
Best known for food delivery, Swiggy also delivers groceries and operates the Swiggy Go service, a drop-off and pick-up service for things like laundry, documents and forgotten items.
While delivery services are extra busy in the United States because of the COVID-19 pandemic, it hasn’t been the same case in India, where the sudden nationwide lockdown has upended businesses and left people stranded. The country’s 1.3 billion people were told in late March to stay home for three weeks.
Swiggy competes with Zomato in the food delivery space in India. Both startups have seen online food delivery orders drop since India’s lockdown to combat the spread of COVID-19, according to the Economic Times. Specifically, Swiggy saw orders dip because 60 percent to 70 percent of the cities it operates in are shut down for services like food delivery, according to the publication.
Illustration Credit: Li-Anne Dias
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