Naspers plans to invest $660 million (R9.4 billon) in Swiggy, India's online food-delivery company, to lead a $1 billion (R14.3 billion) series H round of funding.
The news comes just days after the global Internet and entertainment group announced plans to lead a $540 million (R7.7 billion) investment in Indian tech-driven education start-up, BYJU'S.
In a statement, Naspers says the funding round includes participation from several existing investors including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital and Wellington Management.
The company says its investment in Swiggy and BYJU'S demonstrates commitment to India across multiple sectors.
"Indian online consumers will be a significant driver of online growth in the world, and in addition to food and education, Naspers' investments and operations in India include online classifieds business OLX, MakeMyTrip, the leading online travel company; and payments company, PayU."
According to the statement, Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the 'Access' initiative for restaurant partners.
In addition, it will use the capital to hire top-notch talent, especially for machine learning and engineering roles across mid and senior levels. The company will also strengthen its technology backbone and focus on building the next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.
"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," says Sriharsha Majety, CEO, Swiggy. "As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we're pleased that visionary global investors share our purpose and have made such a significant investment in our future."
Larry Illg, CEO Food and Ventures at Naspers, adds: "We first partnered with Swiggy in April 2017 because we recognised the Swiggy team had built a sustainable, long-term business that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country.
"Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide. 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."
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