Food Delivery Startup Swiggy today raised a billion dollars from the South African investment bank Naspers, Tencent Holdings and quite a few others. This comes amid reports of Swiggy gaining market share, even as fellow unicorn Zomato, has upped it's advertisement game. This is despite a cruel market, and it can only hold one (okay, maybe two food delivery) startups. Swiggy has trebled it's revenue in 2017-18 fiscal year with 23 crores, but that is only after it has doubled losses, up to higher than 100 crores.
Since 2014, Swiggy has acquired both logistics startup Scootsy, and 48East both for undisclosed amounts of money.
Swiggy was also in the news recently when a delivery executive working for the startup rescued 10 people from a fire in a Mumbai residential building which was reportedly not up to the fire safety code.
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