Swiggy Raises $1.25 Billion In Funding From Prosus, SoftBank

Goldman Sachs and Qatar Investment Authority were among the notable investors to hitch the unicorn’s latest fundraising.

Food delivery startup Swiggy said on Tuesday it’s raised $1.25 billion during a funding round led by SoftBank’s Vision Fund 2 and technology investor Prosus as foreign funds raise their stake in local internet-based consumer firms.
After the fund infusion, Swiggy is going to be valued at $5.5 billion, technology news site TechCrunch reported. Swiggy didn’t immediately answer Reuter’s request to discuss its latest valuation.

Goldman Sachs and Qatar Investment Authority were also among the notable investors within the latest fundraising.

Last week, rival Zomato, backed by China’s Ant Group, drew bids worth $46.3 billion during a stock offering that was oversubscribed quite 38 times.

Swiggy had raised $800 million in April earlier this year, consistent with local media.

Home delivery companies in India were hit by a sudden pandemic-related lockdown last year thanks to doubts about how the virus is transmitted. But as initial hesitancy in ordering in eased with customers avoiding going bent eat, both Zomato and Swiggy saw an increase in delivery orders.

“The scope of food delivery in India is very large and over subsequent few years we’ll still invest aggressively into growing this category,” Sriharsha Majety, a chief military officer at Swiggy, said.

The Bengaluru-based firm has forayed into online grocery delivery through Instamart within the past year. it’s also widened its pick-up and drop service, Swiggy Genie, which competes with the Google-backed hyperlocal courier startup Dunzo.

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