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Business deals

Swiggy raises $210 million from Naspers, DST as Indian online food business booms

Latest investment said to value company at $1 billion

A motorcycle driver working for the food delivery company Swiggy in Bangalore. (Photo by 101Reporters.com)

MUMBAI (NewsRise) -- Indian food delivery service Swiggy raised $210 million from South Africa's Naspers and Hong Kong-based fund DST Global, as the online company beefs up its war chest to take on Alibaba Group Holding-backed Zomato and new entrant UberEats.

"With this investment, we will continue to widen Swiggy's offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem," Sriharsha Majety, chief executive of Swiggy, said in a statement. The latest funding valued the company at $1 billion, according to media reports.

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