Tencent & others invested Rs 264 Cr in Swiggy pushes deeper for grocery deliveries

Swiggy raised Rs 264 Cr in Series I led by Tencent, Ark Impact Investments, Korea Investment Partners & MACM India Growth Fund. Swiggy noted a 5X hike in losses, to Rs 2363 Cr from Rs 397 Cr, where reported total revenue of Rs 1292 Cr with a total expense of INR 3637.6 Cr. This is the second funding round raised by the company since its massive $1 Bn round in December 2018 which was led by Naspers, along with China’s Tencent, Hillhouse Capital, and Wellington Management. Prior to the current funding round, Swiggy has raised $113 Mn as part of its Series I funding round in February 2020. The round was led by existing investor Prosus N.V. along with the participation of existing investors Chinese local services platform Meituan Dianping and Wellington Management Company. The funding has come at a time when Swiggy is expanding into grocery delivery in many cities to meet the higher demand due to the lockdown conditions. The company, in partnership with retail grocery stores, is now delivering groceries in most cities where it has operations.

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