Indian Food Startup Swiggy Raises $1.25 Billion In A Financing Round Led By SoftBank
- ByAyushi Ray | July 20, 2021
Indian food startup Swiggy raises $1.25 billion in a financing round led by SoftBank and Prosus. The new financing round, a Series J, includes the $800 million investment the Bangalore-based startup had disclosed to employees earlier this year. SoftBank alone invested $450 million in this new round. Swiggy says this funding round was “heavily oversubscribed,” giving the food delivery startup a post-money valuation of $5.5 billion. Previously there were updates that Swiggy was engaging with SoftBank and the proposed valuation of $5.5 billion. Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac and existing investors Accel Partners and Wellington Management also participated in the new round.
Swiggy said the new financing round shows the turnaround it has demonstrated in the past few quarters. Like many other startups, Swiggy was severely hit with the pandemic. The startup said its recent bet to expand into grocery delivery, and pick-up and drop service has paid off. “The participation of some of the most visionary global investors is a huge vote of confidence in Swiggy’s mission and ability to build an enduring and iconic company out of India. The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category,” said Sriharsha Majety, chief executive of Swiggy, in a statement.
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