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Swiggy raises $1.25 bn led by Softbank, Prosus

Document Cited in Related
Vincent
Published date20 July 2021
AuthorSNS Web
The food delivery platform said that the fresh investment will accelerate its multi-year strategy of growing its core food delivery business and building new food and non-food adjacencies in 2021 and beyond. It expects the total addressable market for convenience grow to 500 million users in the next decade.

This comes after Zomato witnessed a mega IPO last week.

Swiggy said it will enhance its capabilities in technology and artificial intelligence (AI) and strengthen teams across engineering, product, data science and analytics, and business and supply chain for its newer initiatives.

"The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category. Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a short span, especially in the past 15 months of the pandemic," said Sriharsha Majety, CEO, Swiggy.

The Swiggy funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with participation by existing investors, Accel Partners and Wellington Management.

In addition, Swiggy welcomed new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac.

The company said that the fundraise was heavily oversubscribed following strong interest from investors. It comes on the back of its rapid recovery from the impacts of Covid-19 and subsequent...

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