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Wed, 26 Jan 2022 | Livemint
Swiggy turns decacorn, raises $700 mn from Invesco, IIFL AMC

Swiggy turns decacorn, raises $700 mn from Invesco, IIFL AMC

Food delivery giant Swiggy raised $700 million in a funding round led by Invesco, at a time shares of several recently listed new age consumer companies are trading sharply lower.

The funding round valued Swiggy, run by Bundl Technologies Pvt. Ltd, at $10.7 billion, a person aware of the matter said on condition of anonymity. This would put it ahead of rival Zomato, which had a market value of $9.64 billion at close of Monday’s trading.

Investors such as 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 also took part in the round. Swiggy’s existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus also participated, Swiggy said.

The latest fundraise follows $1.25 billion round in July 2021 at a valuation of $5.5 billion, a 50% jump from the valuation of $3.6 billion in April last year.

Swiggy said it plans to use the fresh capital to further grow its core food delivery platform and expand Instamart, its quick grocery platform. Instamart will reach an annualized gross merchandise value (GMV) run rate of $1 billion in the next three quarters, Swiggy said. “The GMV our food delivery business achieved in 40 months, took Instamart just 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers," Majety said.