Swiggy eyes US$10B valuation in latest fundraising drive, restructures Supr Daily to unlock its delivery potential

INDIA – India food-tech startup  Swiggy is finalizing a new financing round where it targets to raise between US$500 and US$600 million, ET Retail has reported.   The exercise is likely to catapult the valuation of the online food delivery company to as much as US$10 billion, which is double the valuation ascribed to the seven-year-old venture a few months ago.   If successful in its latest endeavor, Swiggy will rank among India’s most valued privately owned startups after ed-tech firm Byju’s and fintech major Paytm, which is slated to go…

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Swiggy receives regulatory approval to start drone trials for food delivery in India

INDIA – Swiggy, India’s largest online food ordering and delivery platform, is set to start drone trials for food delivery in Mumbai, one of India’s largest cities.  This is after it’s drone delivery partner ANRA Technologies received clearance from government authorities to commence drone trials for Beyond Visual Line of Sight (BVLOS) operations in India.  With the regulatory hurdle now successfully passed, ANRA confirmed that over the next several weeks, its flight team will conduct BVLOS food and medical package deliveries in Uttar Pradesh’s Etah and Punjab’s Rupnagar districts.  According to the company, the teams will be…

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Swiggy raises US$800 million funding to bolster position in India’s online food delivery market

INDIA – Online food delivery platform Swiggy has raised US$800 million in an oversubscribed funding round led by Falcon Edge, Amansa Capital, Think Investments, Carmignac and Goldman Sachs. Existing backers, Prosus Ventures (formerly Naspers), its largest shareholder, and venture fund Accel participated in the funding round which also saw participation from new investors such as the Qatar Investment Authority and GIC of Singapore. According to a report by ET Retail, the new round pegs Swiggy’s valuation at US$5 billion and is coming at a time when food delivery platforms are…

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Healthy food orders jump 20% as more Indians opt for healthy food in 2021- Swiggy Health Hub

INDIA – Healthy food orders have been on the rise in India as  Indians, who spent most of their time during the lock binging on junk food, move towards healthier food options in 2021, a new survey by Swiggy’s Health Hub has revealed. Data from the survey show that based on lakhs of orders, healthy food orders saw a jump of 20 per cent in January as compared to December, clearly indicating a resolve to start the year on a healthy note. While most binged-on biryani and pizzas on New…

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Indian Digest: Online food delivery startups BigBasket, Swiggy and Zomato raise funds

INDIA – The ongoing Covid-19 pandemic induced lock down has let Indians discover the convenience of shopping for food and groceries online leading to a surge in demand. BigBasket, one of the leading online grocer in the country says that the company is getting a lot of traffic without splurging anything on marketing and promotions as a lot of people who would have never used an online service are now ordering online. To support the Bengaluru-based firm with the much-needed capital, BigBasket has raised US$50-60 million in a bridge round…

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India keen to tap into the growing appetite for healthier eating options

INDIA – The food and beverage industry in India is seeing a very definite change in the healthy food segment supported by the growing demand for healthy, homestyle food by consumers across cities and towns. The country has recorded an upsurge in new health and organic food products for various segments as consumers are increasingly looking to eat right – a trend that has seen several new fast moving consumer goods focusing more on healthy food segment. According to a recent ET Retail report, online food delivery platforms in the…

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Prosus-backed food delivery start-up Swiggy raises US$113m in Series I funding

INDIA – Swiggy, the Bengaluru-based online food delivery platform, has raised US$113 million as part of its Series I funding round led by its largest existing investor Prosus Ventures, formerly known as Naspers Ventures and Food. The funding round also saw the participation of other existing investors Hadley Harbour Master Investments and Meituan. According to an ET Retail report, Prosus- which controls over 40% stake in the Swiggy – pumped about US$100m in the round. The new funding places the startup at a million at a close to US$3.3 billion…

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Zomato eyes UberEats business in India to strengthen footprint ahead of major rivals

INDIA – Zomato is said to have entered negotiations with UberEats seeking to acquire its online food delivery business in India, in a deal valued at about US$500 million, reports The Times of India. While the final size of the deal may change, the current round of negotiations involves a stock deal for the business. Uber has also sent feelers to rival Swiggy most recently, but talks are yet to take shape. Swiggy and UberEats advanced discussions earlier this year did not go through because of differences in valuation besides…

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India’s online grocery retail market set to reach US$10.5bn by 2023

INDIA – Online food and grocery retail in India is estimated to hit US$10.5 billion or 1.2% of the overall market by 2023, according to a recent report released by consulting firm Redseer. Redseer forecasts that growth in the sector, which currently accounts for just 0.2% of the overall market, will be driven by an increased assortment of products and efforts like express delivery operations. Currently, online platforms including Bigbasket and Grofers have been the most prominent players in the industry. Bigbasket currently has over 100,000 orders a day, while…

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Swiggy’s deal for Uber Eats India delays over regulatory issues

INDIA – Uber’s plans to sell its Indian food delivery business, UberEats to rival Swiggy has been delayed as a result of tax and legal issues as well as other regulatory conditions. An ET Retail report which cites three people familiar with the matter indicates that in addition to failure to meet certain market and regulatory conditions, the deal lacks in terms of valuation expectations between the two online food delivery platforms. According to the report, the transaction was being structured as a share-swap deal, with Uber taking shares in…

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