Technology investor and global internet giant Naspers Ltd. led a US$1 billion series H round in India's online food delivery startup Swiggy, with a US$660 million investment in the company.
The funding round also drew participation from Swiggy's existing investors DST Global, Meituan Dianping and Coatue Management LLC, along with new investors Tencent Holdings Ltd., Hillhouse Capital and Wellington Management, Naspers said in a Dec. 20 news release.
Swiggy will use the capital raised to add more food brands, address supply gaps through delivery-only kitchens, hire talent for machine learning and engineering roles, and focus on building an artificial intelligence-driven platform for hyperlocal discovery and on-demand delivery.
The development confirms an earlier report in October, highlighting plans laid out by South Africa's Naspers to hikes its stake in Swiggy. Naspers previously led two funding rounds to become the Indian startup's biggest shareholder.