From tangy, chutney-dipped samosas to spicy chicken curries, Indians are enthusiastic when it comes to their food. And so are venture capitalists.
Indian food delivery startup Swiggy has announced a $1 billion round led by Naspers, with participation from DST Global, Coatue Management and Meituan Dianping. Tencent, Hillhouse Capital and Wellington Management also participated in the funding.
Founded in 2014, Swiggy has partnered with more than 50,000 restaurants across 50 cities in India. Naspers first backed the Bengaluru-based business in 2017, before leading a $100 million round for Swiggy this February at an estimated valuation of $725 million, followed by another $210 million round in June at an estimated valuation of $1.3 billion.
In a country with more than 1.3 billion people who seem to love their food, it’s not difficult to see the scope of investment opportunities in food tech and restaurant tech. Swiggy’s latest fundraise comes at the end of a big year for Indian food startups securing VC funding. Even excluding Swiggy’s massive round, the current year has seen more VC funding in the space than each of the last three years, with $762 million invested across 23 deals.