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January 25, 2022

Indian food delivery platform Swiggy secures $700m in funding round

The new investment will be used to expand Swiggy's instant grocery delivery service, Instamart.

Indian food delivery platform Swiggy has raised $700m to fuel growth in a new funding round led by investment firm Invesco.

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With this latest capital infusion, the company is now valued at $10.7bn.

Baron Capital Group, Sumeru Venture, Kotak, IIFL AMC Late Stage Tech Fund, Axis Growth Avenues AIF-I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital were some of the other investors that participated in the funding round.

Existing investors Qatar Investment Authority, ARK Impact and Alpha Wave Global also joined.

The company was quoted by The Telegraph as saying in a statement: “This investment comes at a time when the adoption of food and online grocery is accelerating and the consumer demand for Swiggy’s many services continue to grow.”

The latest fundraising follows Swiggy’s $1.25bn investment round last July. At that time, the company was valued at approximately $5.5bn.

In the last 12 months, Swiggy’s food delivery business is said to have doubled its gross order value (GOV).

The company plans to use the proceeds from the latest funding round to expedite its growth as well as expand its quick commerce grocery service, Instamart.

Last December, it was reported that Swiggy planned to invest $700m in Instamart in order to bolster its non-food delivery categories.

Instamart delivers a variety of products that include fresh fruits, vegetables, daily bread, eggs, beverages and cooking essentials. Currently, it operates across several major Indian cities.

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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