Swiggy Enters the Unicorn Club! After Zomato, Becomes the Second Food Delivery App to Join the Elite $1 Billion Group
Swiggy was founded in August 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, and has raised total funding of $455 million so far including the latest round
Mumbai, June 21: Food delivery app Swiggy has become the latest startup to join the prestigious Unicorn club, with Russian billionaire Yuri Milner's' DST Global and existing backer Naspers leading a $210 million round of funding. According to an Economic Times report, after the round, the total capital raised by Swiggy will cross $466 million.
Reportedly, Swiggy will use the additional money to ramp up its supply chain network and expand to new markets. In February, Swiggy was valued at $700 million, and the recent round is expected to value it over $1.2 billion. The company will also double its technology headcount to build for robust operations, deep personalization and connected supply chain systems," it said in a statement.
Swiggy was founded in August 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, and has raised total funding of $455 million so far including the latest round. Talking about its competition, Zomato had got $444 million funding till now including its last series of $200 million from Ant Financials in February when the company marked its entry into the unicorn club.
(The above story first appeared on LatestLY on Jun 21, 2018 01:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).