Indian food delivery startup Swiggy raises US$43M from Tencent
Bengaluru, India’s food delivery startup Swiggy has raised US$43 million in new funding led by Tencent, according to TechCrunch. Ark Impact, Samsung Ventures, Korea Investment Partners and Mirae Asset Capital Markets, also joined the investment for this round. This round reportedly brings the company’s valuation to US$3.6 billion.
The new capital will be used for Swiggy’s expansion into grocery delivery services in select parts of the region.
“As we continue to strengthen and expand our services that offer unparalleled convenience to our consumers, we are humbled by the faith shown by our investors year-on-year and welcome the new investors on board. Our focus remains to execute on our vision while building a sustainable path to profitability,” said Rahul Bothra, CFO at Swiggy in a statement.