If you have also debaded about which is better Swiggy or Zomato, when it comes to ordering food, well this puts an end to the debate. Well sort of...
With Swiggy now joining the Unicorn Club by hitting the $1 billion valuation mark. The food delivery startup has raised $210 million in its latest round of funding from the Russian billionaire, Yuri Milner’s DST Global and existing backer Naspers leading $210 million round in the firm. US based hedge fund Coatue Management and existing investor Meituan Dianping also participated in this round.
*Unicorn Club is a club for privately held companies’ valued at over $1 billion.* for some of our ignorant readers.
Swiggy was last valued at $700 million in February when it raised $100 million from Naspers and Meituan Dianping. The round values Swiggy at $1.3 billion according to sources with direct knowledge of the development and this Bengaluru-based firm becomes one of the fastest internet companies to join the famous Unicorn club in under four years since its birth. Which is by the way less than half the time it took Zomato to earn that tag which is a rival company.
At $1.3 billion, Swiggy surpasses Zomato’s valuation of $1.1 billion ascribed to the Gurgaon-based firm when it closed a $200 million funding round from Chinese online retailer Alibaba’s payment affiliate Ant Financial.
Other competitions like UberEats and Foodpanda are also growing silently and are going to spring up eventually.
To be sure, Swiggy leads the food delivery market in India with about 11 million monthly orders followed by Zomato at about 7 million monthly orders across India and UAE. While UberEats clocks about 7, 50,000 orders per month, FoodPanda clocks about 1 million monthly orders as per industry sources.
An investor in the food tech firm said “While the first wave of unicorns was created across ecommerce, ride hailing and now food delivery, scalable businesses across fintech especially in lending as also content and media are likely to earn the unicorn tag over the next 3 years as capital continues to chase these two verticals at large”.
So now we're waiting to find out how Zomato is ready to spring back up from this!