Swiggy said it raised $700 million in the fundraise led by U.S. investment firm Invesco. Other investors that participated in the round include Baron Capital Group, Sumeru Venture, IIFL and Kotak. Existing investors Alpha Wave Global and Qatar Investment Authority
“While the food delivery business has nearly doubled in gross order value in the last year, this fundraise will enable Swiggy to further accelerate growth on the core platform and make meaningful investments to grow Instamart,” it said on Monday.
Swiggy’s latest valuation is almost double that of Zomato before the latter went for its initial public offering. Zomato was valued at $5.4 billion before its IPO. Swiggy has overtaken sports technology company Dream Sports, the parent firm of fantasy sports platform Dream11. This investment in Swiggy comes at a time when the adoption of food and online grocery is accelerating and consumer demand for Swiggy’s many services continues to grow.
“The GMV our food-delivery business achieved in 40 months took Instamart just 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories,” said Sriharsha Majety, chief executive officer and co-founder, Swiggy.
After the latest fundraise, Swiggy valued at $10.7 billion
