Swiggy raises $700 million in fresh funding, valuation touches $10 billion
This investment comes when the adoption of food and online groceries is expanding, and customer demand for Swiggy's several offerings is increasing, according to the company.
Swiggy, a food delivery service, revealed on Monday that it had secured $700 million in a fresh investment round headed by Atlanta-based Invesco. According to the firm, the round included participation from several new investors, including Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, and others. According to individuals close to the development, the Bengaluru-based company has now hit a valuation of $10.7 billion. This investment comes when the adoption of food and online groceries is expanding, and customer demand for Swiggy's several offerings is increasing, according to the company.
The new investment round comes six months after securing $1.25 billion at a $5.5 billion valuation. With the food delivery business doubling in gross order value in the last year, Swiggy said this fundraising would allow it to "further accelerate growth on the core platform and make meaningful investments to grow Instamart". It added that the quick commerce grocery service is on track to reach an annualised GMV run rate of $1 billion in the next three quarters.
Swiggy has recently expanded Instamart to 19 cities. At the same time, Swiggy Genie, its pick-up and drop service, is now available in 68 cities, and its meat delivery service, Supr Daily, is available in all major Indian cities. Swiggy One, the food aggregator's first complete membership club, offers perks across food, grocery, and other Swiggy on-demand services.
The CEO, Sriharsha Majety, stated that the GMV our food delivery firm attained in 40 months took Instamart only 17 months, proving Swiggy's platform benefits. He said we would double down on this to establish new categories that would align with our aim of providing unsurpassed convenience to Indian consumers. He went on to say that Swiggy's objective is to become a platform that 100 million users may utilise 15 times each month.