Swiggy expands food delivery service to 16 new cities in India
Date: 2018-11-02   Author: Saif Ali Bepari  Category: #news

Swiggy expands food delivery service to 16 new cities in India

Online food delivery platform Swiggy has reportedly announced to expand its presence in India by introducing services in sixteen new cities. The company stated that the new cities will include Tripura, Thrissur, Warangal, Aurangabad, Mangalore, Agra, Manipal, Jalandhar, Udaipur, Trichy, Amritsar, Varanasi, Vellore, Bhubneshwar, Kota, and Thiruvananthapuram. These cities will join the 28 cities throughout India where the company already has a presence.

In response to the development, Vivek Sunder, COO of Swiggy commented that strong consumer demand is one of the key reasons for Swiggy’s expansion across the country, which has been witnessed through thousands of app downloads where the company is not even present.

Sunder further mentioned that Swiggy has become a commonly used app among Indian customers in just four years by offering the best online food delivery service in the country.

Naspers Ltd, Africa’s largest firm by market value, had recently indicated its plans to expand its stake in Swiggy’s online food delivery business. The firm intends to back the business with a financing that is estimated to raise more than $600 million, which is Swiggy’s biggest till date.

According to sources familiar with the development, the company also holds an opportunity to buy stakes from major stakeholders like Bessemer Venture Partners. China’s internet behemoth, Tencent Holdings Ltd in which Naspers acquired a 31 percent stake, has also initiated plans to make investments in the fundraising.

The Indian food delivery company has risen to more than $2 billion in value after the Cape Town-based firm led two preceding funding rounds to rank as the company’s biggest stakeholder.

Nasper had acquired a 22 percent stake by the end of March, however, the firm hasn’t confirmed on final decisions on whether it plans to participate in the latest financing, cite sources.

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Saif Ali Bepari

Saif Ali Bepari

Saif currently works as a content writer at Algosonline. A Computer Science graduate who has a zest for writing over coding, commenced his journey in the writing industry as a freelancer. Having had a prior freelance experience, he has tinkered with creative writing, ...

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