- Swiggy raises $800 Million from seed funding for its platform.
- Investors, including Falcon Edge Capital, Goldman Sachs, Think Capital, Amansa Capital.
- Swiggy had raised $157 million last year at about $3.7 billion valuations.
Swiggy is an on-demand food delivery platform that brings food from neighborhood restaurants directly to customers’ doors. The company’s food delivery platform lists local restaurants and menu lists on an app for users to order from and track the delivery of its delivery executives, enabling users to order food with speed and convenience. Its service is used to pick up and drop off a diverse array of items, including laundry and document or parcel deliveries to business clients and retail customers.
Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaiminiin in 2014 and is headquartered in Bangalore, Karnataka, India.
Swiggy Raises $800 Million in a Series J Round With Financing
Foodtech startup Swiggy has raised $800 million in its latest Series J round of financing. Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac, and Goldman Sachs are joining as new investors. According to an internal memo sent by company founder Sriharsha Majety to employees. Existing investors Accel and Prosus (previously Naspers) will also take part in the fundraising round
The fundraise will leapfrog Swiggy’s valuation to more than $4.9 billion. Its previous ascribed valuation was $3.6 billion in 2020. Swiggy hasn’t closed the round yet since there might be additional interest from QIA and GIC. This funding comes at a time when food tech has been recovering from the impact of the pandemic.
The Total valuation has been rapidly increasing In Swiggy
Swiggy raised Rs 805 crore (about $112.6 million) in a round of funding led by South African technology conglomerate Naspers. Swiggy previously raised $1 billion at a valuation of $3.3 billion in December 2018. It competes with Zomato, which pocketed 100 million (Rs 760 crore) from US-based investment firm Tiger Global Management LLC in September last year.
In 2020, Zomato agreed to acquire ride-hailing company Uber Technologies Inc.’s food delivery business in India — Uber Eats — in an all-stock transaction. The deal gave Uber a 9.99% stake in Zomato. This acquisition of Uber Eats marked a big consolidation in the highly competitive and heavily funded food delivery market in India, heralding a two-way race between Zomato and Swiggy.