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Naspers to invest R9.4bn in Indian food delivery group

Dec 20 2018 11:50
Fin24

Three days after announcing it would lead a multi-billion rand investment in Indian edtech startup BYJU'S, Naspers [JSE:NPN] says it will be pumping $660m (R9.4bn at current exchange rates) into Indian food delivery platform Swiggy.

In a statement, the group said the two investments showed its “commitment to India across multiple sectors”.

Swiggy, founded in 2014, is an Indian food delivery platform that allows users to order food online and have it delivered from thousands of restaurants in over 50 Indian cities.  

“Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians,” said Sriharsha Majety, the CEO of Swiggy, in a statement.

Larry Illg, the CEO of Food and Ventures at Naspers, said, “Our latest round of capital will help to accelerate Swiggy’s journey towards its vision of providing unmatched convenience in food ordering and delivery for Indian consumers.”

According to Napsers, Swiggy will use the Series H investment to address gaps in its supply through the establishment of “delivery-only kitchens”, and improve its machine learning and artificial intelligence capabilities.

The total Series H investment that Naspers is leading amounts to $1bn (R14.2bn at current exchange rates). Co-investors include DST Global, Meituan Dianping, Coatue Management, Hillhouse Capital, Wellington Management, and Chinese tech giant Tencent, in which Napsers owns a 31% stake.

* Fin24 is part of Media24, a subsidiary of Naspers.

naspers  |  india
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