Food Aggregator Swiggy joins the decacorn club post $700 million funding
- ByTejika Bajaj | January 25, 2022
Food aggregator and delivery giant Swiggy has recently announced that it has raised a sum of $700 million in a fresh round of funding led by the US asset manager Invesco. This announcement comes just a few months after the Bengaluru based startup raised $1.25 billion from SoftBank, Accel and Prosus.
The fresh round also witnessed participation from a series of new investors including Baron Capital Group, Sumeru Ventures, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF-I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital. Existing investors Alpha Wave Global, Qatar Investment Authority, ARK Impact along with Prosus also participated in this round.
With this infusion of capital, the post money valuation of the food delivery giant has doubled and crossed the $10 billion mark, thus making it a decacorn. The estimated valuation of Swiggy post this round is $10.7 billion as against the $5.5 billion during the previous round.
The company officials have revealed that the recent round of funding will be deployed towards accelerating growth on its core platform. Furthermore, the startup also intends to make meaningful and significant investments to grow its quick delivery business Instamart. With this round of funding, Swiggy has overtaken Zomato’s valuation amidst the global decline.
“The GMV that our food delivery business achieved in 40 months, took Instamart just 17 months, demonstrating the platform benefits of Swiggy,” said Sriharsha Majety, co-founder and chief executive, Swiggy. “We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers.”
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