Naspers, largest internet and entertainment conglomerate, is moving ahead to acquire stake in Swiggy, food delivery startup. This deal evaluates this startup at almost $400 million.
About The Speculator Naspers
Naspers belongs to one of the biggest technology speculator and has supported so many companies throughout its journey like Flipkart, one of the eminent online retailers. In fact it also acquired almost one third part of skates in MakeMyTrip, renowned travel portal. Now it is desired to contribute an investment of $50-60 million as a part of this funding round.
Swiggy is a Bengaluru based food delivery startup and it is greatly inspired with the ideas to provide a complete solution for food delivery from the nearby restaurant to urban Foodies. Earlier it was in talks with some of the potential investors to raise a fund of $50 million. The startup was likely to enhance its business strongly against its most powerful rival Zomato Media Pvt Ltd.
Revenue Of The Company
Revenue of Swiggy protruded from Rs 11.59 lakh to Rs 23.59 crore whereas losses emerged from Rs 2.12 crore in fiscal year 2015 to Rs 137.18, these data are filled in Registrar of companies. Total expenditure stuck with Rs 160.77 crore where the startup consumed almost Rs 13 crore per months in the fiscal year of 2016
Valuation Of Company After Funding
As per some sources, it was revealed that this funding round could help Swiggy raise almost $80 million including the funds from it’s existing investors. One of them conveyed that, “They have got a pre-money valuation of about $320 million”.