Online food delivery app Swiggy has been approved of $660 million by Nasper. The South African media giant Nasper is operating in more than 130 countries. Chinese internet major Tencent is also jointly investing in the venture. Nasper has a 31% stake in Tencent. This is the third round of investment for Swiggy.
Larry Illg, CEO Food, and Ventures, Naspers felt that Swiggy had the long-term business model and growth vision that made it differ from its competitor. Nasper has been associated with Swiggy from April 2017.
Food delivery app Swiggy is the front-runner in terms of the number of orders up by 36%. The highest average order value is 64% ahead of its competitors in Swiggy. By end of October 2018, about 22 million orders were recorded in the app.
Swiggy will expand further in India through its latest funding from Naspers. Swiggy will bring in more quality food brands to Indian consumers by its well-planned logistics. The restaurant partners can now heave a sigh of relief from the headache of delivering. The Indian food delivery app is also planning to hire top-notch talent across mid and senior levels. Engineering and machine learning are the two talents it is trying to fill in the logistics sector.
Swiggy is not the only investment portfolio for Nasper. It has invested in Indian online learning app BYJU to an amount totaled $540 million. Apart from food and education, Nasper has invested across multiple sectors in India. It has significantly invested in OLX, an online classified business; make my trip, online travel portal, and payU, online payment company.
Indian online consumers contribute to the growth of online business in the world. Nasper issued a statement, “the quality of the best Indian entrepreneurs and their ability to build innovative businesses that address the unique needs of the Indian consumer offer unparalleled growth opportunities,’’ regarding its aggressive investment in India.