US-based venture capital firm Bessemer Venture Partners is in advanced talks to invest around Rs 80 crore or $12 million in food-delivery company Swiggy at valuation of around $200 million (Rs 1,350 crore), according to two people aware of the negotiations, reports ETtech.
The money will help Swiggy compete strongly with restaurant listing company Zomato, which entered the food delivery business last year, as well as the Sequoia Capital-backed Roadrunnr-TinyOwl combine and Rocket Internet portfolio company Foodpanda.
In June 2015, the company raised a Rs 105-crore round led by Norwest Venture Partners besides existing investors Accel India and SAIF Partners.
Since the start of 2016, Swiggy has received funding of Rs 277 crore primarily from the three existing investors. Other investors include Partners Fund of Russian billionaire Yuri Milner's DST Global, Singapore based RB Investments and New York-based Harmony Partners.
Swiggy is present in eight cities and more than 100 neighborhoods across the country, with over 4,000 delivery contractors who are paid on a per delivery basis. Swiggy was founded by Majety, who teamed up with college mate Nandan Reddy, and IIT-Kharagpur graduate Rahul Jaimini in August 2014.