Swiggy, India’s largest online food ordering and delivery platform, announced that it plans to expand to new businesses after it bagged additional $43 million in capital.
The company’s executive said that they are eyeing to explore on new categories to serve more customers. Last year, Swiggy has expanded to grocery delivery in different parts of India, making it operational in more than 500 cities to date.
“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,” Chief Financial Officer Rahul Bothra said.
The Bangalore-based startup has so far raised $1.42 billion, with its largest investor Tencent pouring around $19 million. Its other existing investors include Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets.
Established in 2014, Swiggy has transformed from delivering grocery items and perishables into sending other valuables and essentials like laundry clothes and documents.
Swiggy and its rival, Zomato, gained popularity when American ride-hailing giant Uber exited India’s delivery space earlier this year.
Both firms said that they have seen rapid demand in their services, with their daily orders hitting up to 5 million.
According to reports, Zomato also intends to raise another $450 million in funding in the coming days.