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Swiggy earns unicorn status after latest fund raise

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With the latest round of funding amounting to $210 million, food start-up Swiggy, has earned the ‘unicorn’ status, the second Indian food startup after Zomato to do so.

The funding values the four-year-old startup, run by Bundl Technologies, at well over $1 billion, according to media reports which cited people familiar with the deal.

Swiggy specialises in delivering food and has received at least half a billion dollars in financing this year from some of the world’s largest internet investors and companies led by Naspers.

New investors this time included DST and Coatue Management, joining existing backers Naspers and Meituan Dianping, the Chinese food-delivery juggernaut. The startup said it would use the funds to improve its supply chain and technology while expanding into new markets. Bengaluru-headquartered Swiggy already lists 35,000 restaurants and 40,000 delivery people across 15 cities.

The segment has become competitive after Uber Technologies introduced UberEATS and Ola acquired FoodPanda’s local operations and pledged $200 million to the unit.

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