Swiggy has raised $700 million in a round led by Invesco, indicating that the food delivery and quick commerce segments are about to heat up. The new round has attracted 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.
The round was also attended by existing investors Alpha Wave Global, Qatar Investment Authority, ARK Impact, and Prosus.
Swiggy is the only private company with a decacorn status after Byju’s. Oyo and Dream11 are the third and fourth most valuable companies, with valuations of $9.5 billion and $8 billion, respectively.
Importantly, Swiggy is currently the only decacorn in the online food ordering and delivery space. Zomato is currently valued at $9.5 billion based on its market capitalization.
Swiggy’s new funds will be used to expand its food delivery and quick commerce businesses. Swiggy Instamart, its grocery delivery unit, has been facing stiff competition from Zomato-backed BlinkIt, Reliance-backed Dunzo, and Mumbai-based soonicorn Zepto.
Over the past few months, the firm has expanded Swiggy Instamart to 19 cities and claims that it would 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, said Swiggy in a press statement.
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