online food ordering startup swiggy raises $16
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6/9/2015 Online food ordering startup Swiggy raises $16.5M from Norwest, others | VCCircle
http://www.vccircle.com/news/technology/2015/06/09/onlinefoodorderingstartupswiggyraises165mnorwestothers 1/3
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Online food ordering startup Swiggy raises$16.5M from Norwest, othersBY BHAWNA GUPTA
Swiggy will use the funds for geographical expansion, brand building.
Bangalorebased Bundl Technologies Pvt Ltd, which owns and operates online food ordering startup
Swiggy.com, has raised Series B funding of $16.5 million (around Rs 102 crore) in a round led by
Norwest Venture Partners (NVP).
SAIF Partners, Accel Partners, a unnamed global investment entity and Swiggy's existing investors
participated in this round, as per a press statement.
Swiggy will use the funds for expanding its geographical footprint and brand building.
The startup was formed in 2014 by Sriharsha Majety, Nandan Reddy and Rahul Jaimini. Majety and
Reddy are BITS Pilani alumnus while Jaimini is an alumnus of IIT Kharagpur. In April, Swiggy
raised seed capital of $2 million from SAIF Partners and Accel Partners.
"We have seen a 10x growth in order numbers over the past few months and this investment will
help us to expand exponentially as we intend to establish ourselves in several new cities by the
end of the year. Combining technology with our own delivery fleet allows us to provide users a
superior experience, which has been our key strength, and we will continue to build on it," said
Majety.
Swiggy offers online ordering service from restaurants in the Koramangala neighbourhood of
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6/9/2015 Online food ordering startup Swiggy raises $16.5M from Norwest, others | VCCircle
http://www.vccircle.com/news/technology/2015/06/09/onlinefoodorderingstartupswiggyraises165mnorwestothers 2/3
BUNDL TECHNOLOGIES PVT. LTD.
:HEAD OFFICE Bengaluru
:YEAR FOUNDED 2013
:WEBSITE www.swiggy.in:MANAGEMENT
NORWEST VENTURE PARTNERS
Bangalore and manages delivery using a fleet of personnel equipped with smartphones.
It recently started operations in Gurgaon and Hyderabad where it has partnered with over 100
restaurants. Swiggy has also tied up with bangalorebased ‘cloud kitchens’ Eatongo and Brekkie
and is in the process of signing up with few more. Cloud kitchens are online breakfast and brunch
units that do not have a physical restaurant. They offer food though their websites/apps and also
deliver to their customers.
The total food delivery market in India is estimated to be $6 billion and continues to expand at a
rapid clip. "Swiggy’s delivery infrastructure solves a major need in the market by enabling
restaurants to concentrate on their core business and scale up their delivery revenues.
Simultaneously, the product’s ease of use and the convenience it provides to consumers, has
resulted in strong repeat rates and an increased customer base," said Sumer Juneja, principal at
NVP India.
The online food ordering and delivery space has turned out to be a new hot space for investors, as
per data from VCCEdge, the data research platform of VCCircle. Swiggy, competes with
Foodpanda, TinyOwl, delyver.com and others for a slice of what is becoming a fairly crowded
space. Others like Zomato have also entered the food ordering business but is not involved with
delivery itself and just provides an ordering platform.
Mumbaibased TinyOwl, which offers a locationbased mobile app for ordering food, had raised $15
million (Rs 93 crore) in Series B round of funding led by Matrix Partners in February this year.
Bangalorebased mobileonly food ordering startup TapCibo Online Solutions Pvt Ltd, which
operated under the brand TapCibo, rebranded itself as Dazo and raised an undisclosed amount in
seed funding from a bunch of entrepreneurs including founders of CommonFloor and TaxiForSure
last month.
The leader in this space today is Foodpanda.com, a Rocket Internetbacked global, multilocation
online food ordering marketplace. Foodpanda had raised $100 million funding led by global
financial services giant Goldman Sachs early this month. It had also acquired two key competitors
in the country Just East India and TastyKhana.
Before these ventures sprouted up, restaurants depended on their own delivery personnel for
pushing sales over telephone orders. Indeed, vast chunk of the market is still dominated by such a
system.
NVP has been an active investor in India with investments across companies and sectors. This is
the second known investment by NVP in India this year, according to VCCEdge data.
In April, it participated in Sulekha.com's Series C round of funding which was led by Singapore’s
sovereign wealth fund GIC. It has also invested in companies such as Qubole Inc, Acidaes
Solutions Pvt Ltd that runs CRMnext, Cholamandalam Finance, ING Vysya Bank, IndusInd Bank,
Asian Genco, Fashionandyou, Komli Media and Yatra.com.
Tags: Bundl Technologies Pvt. Ltd. , Swiggy.com , Norwest Venture Partners
(Swiggy)
Bundl Technologies Pvt. Ltd. owns and operates shipping platform for online sellers. It also offers food ordering anddelivery services. The company was incorporated in 2013 and is based in Bengaluru,...
IN NEWSOnline food ordering startup Swiggy raises $2M from SAIF & Accel Partners
Online food ordering startup Swiggy raises $16.5M from Norwest, others bit.ly/1MkVimK @swiggy_in @NorwestVP pic.twitter.com/6Or2BY223h
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6/9/2015 Online food ordering startup Swiggy raises $16.5M from Norwest, others | VCCircle
http://www.vccircle.com/news/technology/2015/06/09/onlinefoodorderingstartupswiggyraises165mnorwestothers 3/3
:HEAD OFFICE Palo Alto
:YEAR FOUNDED 1961
:WEBSITE www.nvp.com/:MANAGEMENT
Norwest Venture Partners is a venture capital and private equity firm with approximately $5 billion assets undermanagement. It provides seed, early, expansion, growth and late stage capital to listed...
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