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Swiggy Raises $1bn From Venture Funds

Founded in 2014, Swiggy claims to have 50,000 restaurant partners across 50 cities, including New Delhi, Gurugram, Hyderabad, Bengaluru

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Swiggy
Details of the promoters' equity holding in their firm after the latest round of funding are not made public by the company.

Leading food ordering and delivery start-up Swiggy has raised $1 billion (Rs 7,000 crore) venture funds from existing investors led by Naspers, to strengthen its technology and hire talent, it said on Thursday.

“Swiggy will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens, as well as hire talent and strengthen the technology,” the city-based app provider said in a statement.

The Series H round of funding, led by Naspers, also includes the participation of existing investors DST Global, Meituan Dianping and Coatue Management.

The funding round saw the participation of new investors Tencent, Hillhouse Capital and Wellington Management Company, the company said.

Swiggy
Founded in 2014, Swiggy claims to have 50,000 restaurant partners

The firm will also use the capital to hire talent, especially for machine learning and engineering roles across mid and senior levels, as well as strengthen its technology backbone.

“The company will focus on building a next-generation Artificial Intelligence (AI)-driven platform for hyperlocal discovery and on-demand delivery,” it added.

Inclusive of the latest round, Swiggy said it has raised a total of $1.26 billion (Rs 8,825 crore).

In June, the food-tech start-up raised $210 million (around Rs 1,500 crore) from multiple investment firms, including Naspers, DST Global in Series G funding and $100 million (around Rs 700 crore) in Series F in February from multiple investors.

Details of the promoters’ equity holding in their firm after the latest round of funding are not made public by the company.

Swiggy
Swiggy will use the funds to bring more quality food brands closer to consumers.

“As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, our global investors also share our purpose and have made a significant investment in our future,” Swiggy’s Chief Executive Sriharsha Majety said in the statement.

Also Read: 4 Startups which changed the face of Food and Beverage Industry in India

Founded in 2014, Swiggy claims to have 50,000 restaurant partners across 50 cities, including New Delhi, Gurugram, Hyderabad, Bengaluru, Chennai, Mumbai, Kolkata and Pune, and receives about 25 million food orders a month.

The company, which has over 4,000 employees, reported an operating revenue of Rs 442-crore for fiscal 2017-18. (VOA)

Next Story

Adobe Photoshop on iPad Provides New Opportunities to Youngsters in India

Adobe has also made it possible to import photos directly from your SD card or USB drive into the iOS version of Lightroom

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Adobe
Although Adobe Photoshop on iPad was completely done in the US, the incremental syncing part was achieved in India. IANS

Thirty years and still going strong, Adobe Photoshop remains the most loved design tool for creators and professional designers. Now, iPad lovers in India are thrilled to try their hands on the software tool and let their imaginations fly.

Photoshop on iPad allows young users to craft composites with fingers and retouch images with Apple Pencil. Your PSDs will remain the same, whether you’re working on desktop or iPad.

Adobe Photoshop that arrived on iPads globally in November brings core compositing and retouching workflows to iPad.

For the millennials, this is a great opportunity to become a creative pro as Photoshop on iPad is an intuitive, more accessible entry point to the Adobe tool for new users.

It features full PSD (Photoshop document files) interoperability, a touch-based user interface (UI), Cloud document access, and the power to work on real-world, multi-layered creations.

“We’re excited to push the frontiers of creativity to make everyone more productive and express their creative vision — not only seasoned professionals, but also the next generation of designers, photographers, filmmakers and illustrators,” Scott Belsky, Chief Product Officer and Executive Vice President, Creative Cloud, Adobe, told the gathering at the recently-concluded Adobe Max conference in Los Angeles.

Adobe
Thirty years and still going strong, Adobe Photoshop remains the most loved design tool for creators and professional designers. Now, iPad lovers in India are thrilled to try their hands on the software tool and let their imaginations fly. Pixabay

Open up full-size PSDs on your desktop or iPad and store them in the cloud – no conversion necessary.

You get the same fidelity, power, and performance no matter what device you’re working on, even when you’re designing with thousands of layers.

“Use quick gestures and touch shortcuts to make edits directly on your canvas and speed up your workflow. With context-aware user interface (UI), you display only the core tools and panes you need, so you can focus on your canvas, not the clutter,” says Adobe.

Next up is Adobe Illustrator which is slated to arrive on iPad next year. The teams at Adobe’s Noida R&D centre and Apple’s Cupertino-based headquarters in the US are busy finalizing and preparing for the final release of the much-anticipated product.

“We are already doing complete R&D for Illustrator and InDesign. The upcoming Illustrator on iPad, which has received rave reviews, is entirely being done at our Noida R&D centre,” Shanmugh Natarajan, MD and VP of Product at Adobe India, told IANS recently.

The company has previewed Adobe Illustrator’s future with a reimagined touch-based app that brings the precision and versatility of the desktop experience to iPad.

Although Adobe Photoshop on iPad was completely done in the US, the incremental syncing part was achieved in India.

Adobe has also made it possible to import photos directly from your SD card or USB drive into the iOS version of Lightroom. Previously, users had to import images to their camera roll, then copy them over into Lightroom’s library.

Adobe
Adobe Photoshop on iPad allows young users to craft composites with fingers and retouch images with Apple Pencil. Your PSDs will remain the same, whether you’re working on desktop or iPad. Pixabay

Here are the plans for Indian lovers who want Adobe experience on their iPads. The “Photography (20GB)” plan with Lightroom, Lightroom Classic, and Photoshop is available for Rs 676 a month (excluding GST). If you purchase this plan by January 31, you get Photoshop on iPad for free.

In the “Adobe Photoshop Single App” plan, get Photoshop on desktop and iPad as part of Creative Cloud for Rs 1,420.

ALSO READ: Use of Information Technology Can Save Police Personnel from Death in Line of Duty

For the “All Apps” plan, get Photoshop on desktop and iPad, plus the entire collection of creative apps for Rs 3,585.

Students and teachers can save over 60 per cent on the entire collection of Creative Cloud apps for just Rs 1,353. (IANS)