Indian food delivery firm Swiggy is reportedly planning to raise between $500m and $600m in a new financing round as it aims at a valuation of $10bn.

The funding is expected to help the company grow its non-food business and compete with its business rival Zomato.

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According to a report released by Indian newspaper The Economic Times (ET), which cited people familiar with the development, Swiggy could receive a capital infusion of between $150m and $200m from US-based investment management company Invesco.

Existing Swiggy investors, including Falcon Edge, SoftBank Vision Fund and Prosus, will invest the rest of the capital, according to the sources.

The raised capital could value Swiggy around $10bn (Rs740bn), which will double the valuation of the company.

If the latest deal is successful, Swiggy will join other highly valued Indian start-up companies, such as Buju’s and Paytm. The initial public offer (IPO) is expected to take place later this year.

The development comes after Swiggy’s competitor Zomato secured $1.2bn (Rs93.75bn) through an IPO.

In April, Swiggy raised $800m through a Series J financing round, which took its valuation from $3.6bn to $5bn.

In an internal memo to employees at that time, Swiggy founder Sriharsha Majety said that the funding round saw Amansa Capital, Think Investments, Falcon Edge Capital, Carmignac and Goldman Sachs joining as new investors, with additional participation from existing investors Prosus and Accel.

During the same month, Japan’s SoftBank Group reportedly announced plans to invest $450m in Swiggy through the SoftBank Vision Fund II.

At present, Swiggy has operations in more than 500 cities.