Naspers leads another $100 million investment in Indian online food service, Swiggy

Fresh from divesting from its African assets, Konga.com and OLX in Sub-saharan Africa, Naspers has announced another investment in Indian based online food delivery service, Swiggy. This is, in addition to the $80 million investment in the same company in 2017.

This time around, Chinese e-commerce company Meituan-Dianping participated in the new funding round.

Swiggy said that it will use the funding to introduce new products and services and further expand its supply chain business, New Supply.

“Swiggy has continued strong growth through 2017 and now has a clear lead in the market,” said Larry Illg the chief executive of Naspers Ventures, in a statement. “The company’s performance is all the more impressive given the intense competition we see in the food ordering and delivery business in India. Swiggy has shown it has the ability to rise above the competition and create long-term relationships with its users.”

This new investment supports the South African media giant’s bet on the global food delivery and logistics market. In all, Naspers has committed $1 billion to food delivery companies globally, which is inclusive of the investment in Delivery Hero last year amongst others.

To date, Swiggy has now raised $255 million.