Swiggy, India Online Food Delivery Major Raised USD 800 Million Valued at USD 5 Billion
Online food delivery major Swiggy has raised USD 800 million from a set of new investors including Falcon Edge, Goldman Sachs, Amansa Capital, Think Investments, and Carmignac.
On April 6 2021, Online food delivery major Swiggy has raised USD 800 million from a set of new investors including Falcon Edge, Goldman Sachs, Amansa Capital, Think Investments, and Carmignac. The Bengaluru-based food delivery giant is now valued at USD 5 billion after this investment.
“The fundraise gives us a lot more firepower than the planned investments for our current business lines. Given our unfettered ambition though, we will continue to seed/ experiment new offerings for the future that may be ready for investments later,” said Majety.
Swiggy now has the financial resources to take on Gurugram-based competitor Zomato, which has earned more than USD 900 million at a valuation of USD 5.4 billion in the last two rounds.
“We’re coming out of a very hard phase during the last year given COVID-19 and have weathered the storm, but everything we do from here on needs to maximize the chances of our succeeding in the long-term,” wrote Majety
In February 2020, the online food startup closed its previous funding round at a valuation of about USD 3.7 billion, when it raised $158 million led by its largest investor Prosus Ventures.
Swiggy was founded in 2014 by Nandan Reddy and Sriharsha Majety and is India's largest online food ordering and delivery platform. Swiggy is headquartered in Bangalore, India, and operates in over 100 Indian cities as of March 2019. Swiggy Stores, Swiggy's general product distribution service, opened in early 2019.
