Food delivery platform Swiggy has announced it has raised $1.25 billion (Rs 9,345 crore) in funding in a round led by SoftBank Vision Fund 2 and Prosus, raising its market value to $5.5 billion (around Rs 41,125 crore). The fundraise includes the $800 million investment the Bengalore-based startup had disclosed to its employees earlier this year.
SoftBank alone invested $450 million in the new round. The new round, which Swiggy says was “heavily oversubscribed,” gives the six-year-old food delivery startup a post-money valuation of
The startup looks to double down on its core business, make acquisitions, and invest aggressively in its promising instant grocery delivery business Instamart and its pick up and drop service, Swiggy Genie with the fresh funds.
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The funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with participation from the company's long-term investor, Prosus, and other existing investors Accel Partners and Wellington Management, Swiggy said in a statement.
This latest fundraise was heavily oversubscribed following strong interest from investors, and comes on the back of Swiggy's rapid recovery from the impacts of COVID-19 and subsequent growth in 2020-21, it added.
Swiggy's fundraise comes close on the heels of closure of competitor Zomato's mega initial public offering (IPO) which gives Zomato a valuation of Rs 64,365 crore.
(With PTI inputs)
