Naspers invests in Indian food delivery platform Swiggy
The South Africa-based technology investment group Naspers has led an $80m Series E investment in the India-based online food ordering and delivery platform Swiggy. In a statement issued today (30 May), the South African firm said that Ashutosh Sharma, head of investments in India for Naspers, will join the Swiggy board.
According to Naspers:”Food delivery in India is an underpenetrated but massive market and Swiggy has experienced significant growth since it was founded in 2014. Swiggy has attracted over 12,000 restaurants to its platform and has experienced a six-fold growth in revenue over the past 12 months. Swiggy has a consolidated market leadership position across all the cities it operates in and has earned strong consumer trust by delivering meals in an industry-best average of 37 minutes per order.”
Naspers has already made significant investments in other food delivery businesses, including iFood in Brazil and in SinDelantal in Mexico. And in its most significant move in this sector so far, Naspers announced on 12 May that it was investing €387m for a minority stake in one of the biggest names in the market: the Germany-based Delivery Hero, which operates in more than 40 countries.
In April, Naspers joined with the tech giants Tencent, eBay and Microsoft to visit in one of India’s biggest e-commerce marketplaces, Flipkart.
