Naspers is investing in Indian food-delivery Swiggy

Naspers is leading a $1 billion funding round in Indian food-delivery service Swiggy, in the South African ecommerce and media investor’s latest big bet on India’s fast-growing tech sector. Naspers will invest $660 million in Swiggy, which claims to be India’s largest food-delivery platform and allows diners to order from more than 50,000 restaurants in 50 Indian cities. The company relies on a fleet of 120,000 “delivery partner” couriers. Tencent, which is also backed by Naspers, will also participate in the funding round, alongside existing Swiggy investors DST Global, Coatue Management and Meituan Dianping — Swiggy’s Chinese equivalent. Naspers and Swiggy declined to comment on the company’s valuation after the fresh cash infusion, but people close to the deal said the funding round valued Swiggy at $3.3 billion. A previous $210 million funding round in June valued the company at $1.3 billion. Sriharsha Majety, Swiggy’s founder and chief executive, said the company would use the new funds to build hundreds more “access kitchens” in neighbourhoods where restaurants are few and far between… The fresh investment into Swiggy comes just days after Naspers led a $540 million funding round into the Indian educational technology start-up Byju’s.

Amy Kazmin