Tuesday, 16 September 2025
27.3 C
Singapore
26.9 C
Thailand
19 C
Indonesia
27.1 C
Philippines

Tencent backs India based food delivery company Swiggy with US$43M

The competition for food delivery in India continues to heat up as more and more large companies back startups businesses. Now, Swiggy, a Bengaluru based company, stated that it had raised US$43 million as part of the ‘Series I’ fundraise. This amount brings the size round to US$156 million. A spokesperson from Swiggy revealed to […]

The competition for food delivery in India continues to heat up as more and more large companies back startups businesses. Now, Swiggy, a Bengaluru based company, stated that it had raised US$43 million as part of the ‘Series I’ fundraise. This amount brings the size round to US$156 million.

A spokesperson from Swiggy revealed to Tech in Asia that existing investors Tencent, and new investors like Samsung Ventures, Ark Impact, Mirae Asset Capital Markets, and Korea Investment Partners participated in this top-up.

This action marks the second major food delivery startup in 2020. In February, it acquired US$113 million in ‘Series I Money’ in around that was led by Prosus Ventures. It is noted that the Wellington Management Company from the US and Meituan Dianping from China also contributed.

The startup previously stated that the funds acquired will be used to expand into new lines, including cloud kitchens, as well as new categories for its services that are on-demand.   

Zomato, a major rival of Swiggy, has also been busy arming itself with capital, banking US$150 million in January from Jack Ma’s company, Ant Financial.

After two weeks, the startup announced that it had secured Uber Eats in India. This deal could see Zamato hitting up to 50 million monthly orders for food, from its average 40 million.

Recently, it was reported that the restaurant discovery app acquired US$5 million forms a UK-based company, Pacific Horizon Investment Trust, a fund which is managed by Baillie Gifford, its investment management firm. Zomato’s valuation is said to be about US$3.3 billion, which is close to Swiggy’s US$3.3 billion.

Both Swiggy and Zomato are participating in online grocery delivery as the COVID-19 pandemic has continued to cause a decrease in demand for food delivery.

Even though Swiggy has already been supplying daily essential via Swiggy Go and Swiggy Stores, it has partnered with retail grocery stores to help ease its delivery to most cities.

Zomato, on the other hand, has recently introduced a grocery delivery service that goes by the name of Zomato Market, after partnering with FMCG firm, Marico for essential supplies. Marico is also in partnership with Swiggy.

Hot this week

XPENG highlights AI-powered mobility at IAA Mobility 2025

XPENG unveils AI cars, flying vehicles, and robots at IAA Mobility 2025, with plans for Level 4 autonomous cars and a European R&D centre.

Southeast Asia startup funding sinks to six-year low as investors turn selective

Startup funding in Southeast Asia fell to a six-year low in H1 2025, though Vietnam, Malaysia and late-stage deals showed resilience.

Apple introduces Watch SE 3 with major upgrades

Apple launches the Watch SE 3 with a faster chip, always-on display, new health tools, and 5G connectivity from 19 September.

Canon Singapore partners with Darren Heath to inspire creativity and community

Canon Singapore partners with racing photographer Darren Heath for a seminar and community events to inspire creativity in Singapore.

Beijing AIForce Technology wins PepsiCo’s 2025 Greenhouse Accelerator in Asia Pacific

Beijing AIForce Technology wins PepsiCo’s 2025 Greenhouse Accelerator in Asia Pacific with its autonomous low-carbon tractors.

Biwin unveils Mini SSD, a tiny storage device that could replace microSD cards

Biwin launches Mini SSD, a tiny yet powerful storage device that could replace microSD cards if industry standards are adopted.

Apple brings major upgrades to Powerbeats Pro 2 with iOS 26

Apple adds heart rate, fitness, and smart usability upgrades to Powerbeats Pro 2 with iOS 26, launching on 15 September.

UltraGreen.ai secures US$188 million anchor investment at US$1.3 billion valuation

UltraGreen.ai secures US$188 million anchor investment led by 65EP, Vitruvian, and August, valuing the firm at US$1.3 billion.

ConnectingDNA launches AI-powered DNA wellness marketplace in Singapore

ConnectingDNA launches the world’s first AI-powered DNA wellness marketplace in Singapore, offering personalised health insights and secure data protection.

Related Articles

Popular Categories