Indian food delivery firm Swiggy has raised $800m through a Series J funding round, which takes its valuation from $3.6bn to $5bn.

In an internal memo to employees, 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 participation from existing investors Prosus and Accel as well.

Business Standard reported in February that the company was in talks with new and existing investors to raise around $1bn.

In the letter, Majety stated: “The food delivery business is the strongest it’s ever been, and we are now well on our way to drive continued growth over the next decade.

“In addition, some of our new bets like Instamart are showing amazing promise while we have also made strides in setting up some of our other adjacencies for lift-off very soon.”

Swiggy Instamart enables customers to order daily essentials and groceries, which are then delivered in under 30-45 minutes.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Swiggy’s fundraising comes as competitor Zomato is preparing for a $650m IPO in April. So far, Swiggy has not expressed any intention of going public.

Majety said: “This fundraising gives us a lot more firepower than the planned investment for our current business lines. Given our unfettered ambition though, we will continue to seed/experiment new offerings for the future that may be ready for investment later.

“We will just need to now relentlessly invent and execute over the next few years to build an enduring iconic company out of India.”

Swiggy currently has operations in more than 500 cities.

Following some initial difficulties during the lockdown, the delivery platform has now successfully emerged from the Covid-19 pandemic, with their order numbers reaching pre-Covid levels.