Swiggy, Bangalore based food delivery startup has raised $7 Million from its existing investors like Accel Partners, DST Global and Norwest Venture Partners. The latest round valued Swiggy at $130 Million. Prior to this, the startup had raised $35 Million in January this year from Singapore based RB Investments and New York based Harmony Partners.
The valuation became clear from the documents filed with RoC (registrar of companies). With the raised funds, the startup is planning to strengthen its root in the 8 operational cities and maintain the current position which it has maintained despite the competitors having a tough time.
With over 5500 restaurants listed on its platform in 6 cities including Bangalore, Gurgaon, Delhi, Mumbai, Kolkata, Hyderabad, Pune and Chennai, Swiggy announced a milestone couple of days back. In the month of April, it served over a million orders, which was up 25% since the last month.
The approach of Swiggy has been on a better side compared to the competitors. It pockets higher commissions from the restaurants, giving it an edge to build a long term sustainable business. Swiggy has raised 4 rounds worth $54 Million in recent times, specially when other players in the same industry are finding it hard to raise funds.
Swiggy processed the food orders and delivered them. Over the last year, it has recorded an average delivery time of 36 minutes per order. Also, it has a live tracking system within the app which lets users track the realtime status of the order and help building the credibility. The app has over 1 Million downloads right now and the startup claims to receive over 70% of the orders through the app.