Industry

Swiggy raises $700 million in Invesco-led funding

CHENNAI, TAMIL NADU, 05/05/2016: A delivery executive of Swiggy – a vital connection in the fast moving world of on-demand food. The ‘here and now’ food culture is changing the lives of many such youngsters. Photo: M. Karunakaran

CHENNAI, TAMIL NADU, 05/05/2016: A delivery executive of Swiggy – a vital connection in the fast moving world of on-demand food. The ‘here and now’ food culture is changing the lives of many such youngsters. Photo: M. Karunakaran

Swiggy on Monday said it has raised $700 million in new funding led by Invesco. The round also saw participation from new investors such as 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’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 company said in a statement.

“Our goal is to make Swiggy the platform that 100 million consumers can use 15 times a month,” said Sriharsha Majety. “We will continue to invest in our people, products, and partners to create a positive impact on the ecosystem and accelerate the digital transformation in food and grocery delivery and other on-demand services,”

The company added that its food delivery business has nearly doubled in gross order value (GOV) in the last year, this fundraise will enable it to further accelerate growth on the core platform and make meaningful investments to grow Instamart.

“Instamart remains well-positioned to continue to lead the emerging quick commerce grocery space and is set to reach an annualised GMV run rate of $1 billion in the next three quarters. The company will also further strengthen its investments in the broader ecosystem,” it added.

“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 in line with our mission of offering unparalleled convenience to Indian consumers,” Mr. Majety added.


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Printable version | May 13, 2022 6:17:20 pm | https://www.thehindu.com/business/Industry/swiggy-raises-700-mn-in-invesco-led-funding/article38320669.ece