Swiggy’s latest valuation is almost double to Zomato before the latter went for its initial public offering. Zomato was valued at $5.4 billion before its IPO. With this new funding, Swiggy also came closer to Decacorn.
Investors like Baron Capital Group, Sumeru Venture, IIFL, AMC, Late Stage Tech Fund, Kotak, Sixteenth Street Capital, Axis Growth Avenues AIF – I, Smile Group, and Segantii Capital participated in the new funding round along with existing investors Alpha Wave Global (formerly Falcon Edge Capital) the Qatar Investment Authority and ARK Impact. Swiggy’s long-term investors, Prosus, also participate in the round.
Before this, Swiggy has invested in other companies like OYO (Hospitality Company) and Dream Sports (parent firm of Fantasy Sports platform Dream 11), which show continued growth.
While the food-delivery business has nearly doubled the gross over value (GOV) in the last year, Swiggy is expected to grow and make a meaningful investment. Now with this investment, Swiggy will strengthen its growth by investing in the broader ecosystem. The decision of fundraising will give enough power to take over rivals like Zomato, Amazon, Flipkart, Dunzo, Licious, and Ola foods.
In respect of the whole matter, the chief executive officer and co-founder of Swiggy, Sriharsha Majety, said that “the GMV our food-delivery business achieved in months took Instamart just 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories.”
“Our goal is to make Swiggy the platform that 100 million customers can use 15 times a month. We will continue to invest in our people, product, and partners,” he added.
Swiggy is looking forward to strengthening its platform with some handsome investments, and Invesco investment is one example.