Food-delivery app Swiggy raises $100 million from Naspers and Meituan
With a whopping investment of 100 million dollars from the South African Internet group, Naspers has all set the race of food-tech startups in India to the next level. Now, this three-year-old venture would now value more than 600 million dollars as the previous investment evaluation valued swiggy at 400 million dollars.
These investments are going to help swiggy to compete over UberEats which has launched seven months back and is serving 10,000 orders daily across 6000 restaurants. Where are swiggy as of 2017, broke the record of serving 140,000 orders a day in India and gave a tough competition to its rival in biz zomato which handles about 100,000 orders across India and UAE. Foodpanda which is recently acquired by ola is serving 30,000 orders per day.
Here is the interesting part. All these startups have got promising stats thus investments getting popped up from everywhere. Even few investment plans from the large e-commerce giants like Alibaba and their efforts to merge zomato and swiggy has not worked out as planned and it all came to an end when both the parties denied it.
Flipkart, a home-grown e-commerce company is also looking to broaden the scope of its offerings to other verticals as well and also tried to invest in swiggy. But the things didn’t work as planned too. However, Flipkart managed to invest in Phonepe and made its first entry into financial services.
All these cross-platform investments seem to be mimicking the west a bit but are also strategic enough to help the Indian startups to compete for the Global giants like Uber, Alibaba, and Amazon.
Swiggy reportedly says the recent funding will be useful for them to expand their products and services like Swiggy Access, a recently launched plug and play kitchens to bring favourite restaurant kitchens more near to their users and also their partnered restaurants to brand and access their market in new areas.
UberEats is a take on by the cab facilitator for the maximum utilization of their driver fleet but with advent and success of ubermoto food delivery has become easier for them on busy traffic roads of metro cities. What differentiates Swiggy from its competitors is that it has its own fleet of delivery boys who are equipped with smartphones and the Swiggy app, which helps the user to track their delivery through routing algorithms and uber has got the similar kind of setup to reach their targets. But UberEats still need some time to take on the market as most of the restaurants are already partnered with existing food startups.Meanwhile, this funding what swiggy has raised will help this Bangalore based startup to expand its services to more areas and bring more restaurants under its roof.
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