Food ordering app Swiggy has raised an additional amount of $7 million from its existing investors Norwest Venture Partners, DST Global and Accel Partners.
In January this year the Bangalore-based startup raised $35 million in Series C from New York-based investors Harmony Partners and Singapore-based RB investments.
The new round of funding gives the startup additional horsepower to go deeper into its core eight cities and maintain its market leadership position as it competes with other startups including Zomato and Runnr – to be formed after the merger of Roadrunnr and TinyOwl.
“As the market leader, our goal is now to create defensibility around the brand with superior experience for both customers and restaurants,” Co-founder of Swiggy, Nandan Reddy was quoted by The Economic Times as saying.
According to The Economic Times: Reddy explained that the company’s live order-tracking within the app, acceptance of orders without any minimum order size and ownership of fleet are its few differentiators which help them maintain customer repeat rate and differentiates the ordering experience from its competitors.
Just two days back, the startup achieved a milestone of clocking 1 million orders in the month of April, since it started its operations. It said that With 5,500 restaurants in its network, Swiggy got an average of 35,500 orders per day in April, a growth of 25 per cent over the previous month.
Swiggy is fulfilling close to 40,000 orders from the eight cities that it operates in including Bengaluru, Hyderabad and Delhi-NCR.
The company was founded in 2014 by BITS Pilani alumni Sriharsha Majety, Nandan Reddy and IIT Kharagpur graduate Rahul Jaimini. It claims that its order value has grown over 20 times in the last few months with an average delivery time of 36 minutes per order.
The new round of funding gives Swiggy additional horsepower to go deeper into its core eight cities and maintain its market leadership position
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