Online food ordering startup ‘Swiggy’ raises $15 million in Series D round

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Online food delivery start-up ‘Swiggy’, owned by Bundl Technologies Pvt. Ltd, has raised $15 million in a Series D round of funding from Bessemer Venture Partners and existing investors Accel Partners, SAIF Partners, Norwest Venture Partners and Apoletto Asia, the company said in a statement on Monday.

Founded in August 2014, Swiggy is present in eight cities and has over 9,000 restaurants live on its platform.

“We are excited about the funding as this is a validation of our performance and recognition of our leadership, in addition to being testament to the tremendous potential of the food tech sector,” Sriharsha Majety, co-founder and chief executive at Swiggy, said in a statement.
The fresh funds will be deployed in technology upgrades, getting a wider range of restaurants on board and enhance delivery efficiency. The company, which claims to achieve unit level profitability in Bengaluru and Hyderabad, will however, will not expand beyond the eight cities where it is currently operational, he added.
Its been indicated that the fresh infusion of funds is likely to help Swiggy to better compete with the likes of Zomato Media , Foodpanda India and Roadrunnr.

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