Food delivery platform Swiggy on Monday said it has raised USD 700 million (nearly Rs 5,225 crore) in new funding led by investment firm Invesco. This investment comes at a time when the adoption of food and online grocery is accelerating and the consumer demand for Swiggys many services continue to grow, the company said.
With the latest capital infusion, the Bengaluru-based firm has almost doubled its valuation from its previous fundraise to $10.7 billion, reports say.
Swiggy’s existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus also participated in the round.
The new fundraise also sees increased participation of institutional investors both in India and globally. Other new investors in the round include Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital, Swiggy said in a statement.
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In July, the food and grocery delivery platform raised USD 1.25 billion from SoftBank Vision Fund II, Prosus, Accel and Wellington at a valuation of $5.5 Billion.
The funding exercise comes days after Reliance Retail led a $240-million round in rival on-demand delivery startup Dunzo, giving India’s largest conglomerate access to instant delivery segment. Swiggy is making in-roads in the much-contested instant grocery delivery space with its Instamart service. In December 2021, the company had earmarked $700 million in investments for its instant grocery delivery service.
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