Funding · Commerce & Consumer Brands

Swiggy raises $700M from Invesco and others

By Startup Enthusiast · 24 January 2022

What they do

Swiggy is an online food ordering and delivery platform

It raised $700 million in a round led by Invesco, with participation from new and existing investors

The round values Swiggy at over $10 billion, making it the only private decacorn in the online food ordering and delivery space

Swiggy raised $700 million in a new funding round.
The round was led by Invesco, a global investment manager.
New investors include Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF-I, Sixteenth Street Capital, Ghisallo, Smile Group, and Segantii Capital.
Existing investors Alpha Wave Global, Qatar Investment Authority, ARK Impact, and Prosus also participated.
The company did not disclose its valuation, but sources say it has become a decacorn (valuation over $10 billion).
Swiggy also capitalised reserves worth ₹16,310 crore to allot bonus preference shares to about 36 existing investors.
This capitalisation move is seen as a first major step towards a potential public listing.

Swiggy is the only private decacorn in the online food ordering and delivery space, with Oyo ($9.5B) and Dream11 ($8B) as the next highest valued private firms.
Its rival Zomato has a market capitalisation of $9.5 billion.
Swiggy is the only decacorn in the online food ordering and delivery space.
The company is set to lead a $200 million round in Rapido, a bike-taxi startup.

Swiggy operates an online food ordering and delivery platform connecting customers with restaurants.
It also runs Swiggy Instamart, a grocery delivery unit that has expanded to 19 cities.
Swiggy Instamart claims an annualised gross merchandise value (GMV) run rate of $1 billion in the next three quarters.
Other businesses include SuprDaily (subscription commerce platform) and Swiggy Genie (pick and drop service).
Swiggy competes with Zomato-backed BlinkIt, Reliance-backed Dunzo, and Mumbai-based Zepto in quick commerce.

Swiggy will use the proceeds to scale its food delivery and quick commerce businesses.
It plans to strengthen investments in the broader ecosystem.
Swiggy is set to lead a $200 million round in Rapido.