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Swiggy doubles its valuation to $10.7 billion in its most recent fundraise, reports

For illustrative purpose only.

Backed by SoftBank (9984.T) Swiggy’s latest funding round more than doubled its valuation to $10.7 billion, according to two people familiar with the matter, as booming demand for quick delivery of food and groceries in India drives up investments in the sector.

The news: The food-delivery company announced on Monday that it had raised $700 million in a fundraise led by US investment firm Invesco (IVZ.N), with participation from Baron Capital Group, Sumeru Venture, IIFL, and Kotak. Alpha Wave Global and Qatar Investment Authority, both existing investors, also participated in the round.

  • Since the onset of the COVID-19 pandemic, demand for food and grocery delivery has increased in Asia’s third-largest economy, prompting companies to expand their operations in the race to dominate the sector.
  • Swiggy raised $1.25 billion in a SoftBank-led fundraising in July, valuing the company at $5.5 billion.

What they’re saying: “While the food delivery business has nearly doubled in gross order value in the last year,” Swiggy said on Monday, “This fundraise will enable Swiggy to further accelerate growth on the core platform and make meaningful investments to grow Instamart.”

  • Swiggy’s grocery delivery service Instamart said it was on track to reach a $1 billion annualised gross merchandise value run rate in the next three quarters.
  • Instamart competes with Tata-owned BigBasket and Blinkit, formerly known as Grofers and in which Swiggy competitor Zomato Ltd (ZOMT.NS) has a stake. Amazon.com Inc’s Amazon Fresh and Reliance Industries’ (RELI.NS) JioMart are also competitors.

Reliance’s retail arm invested $200 million earlier this month for a 25.8 per cent stake in online delivery platform Dunzo.

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