BENGALURU: SoftBank-backed food delivery firm Swiggy said on Monday it raised $700 million in a funding round led by US investment firm Invesco, as competition for quicker delivery of food and groceries intensifies in Asia’s third-largest economy.
Baron Capital Group, Sumeru Ventures, IIFL and Kotak were among the new investors who participated in the latest funding round. Swiggy’s existing investors participating in the round included Alpha Wave Global and Qatar Investment Authority.
Swiggy said in a statement, “While the food delivery business has nearly doubled in Gross Order Value (GOV) over the past year, this fundraising will allow Swiggy to accelerate growth on the core platform and make Instamart a worthwhile investment to grow.” will help.”
Swiggy said its grocery delivery service Instamart is on track to reach an annual gross merchandise value of $1 billion in the next three quarters.
Instamart competes with Tata-owned BigBasket, Grofers, Amazon Fresh of Amazon.com Inc. and JioMart of Reliance Industries. In Grofers, Swiggy’s larger rival Zomato Ltd has a stake.
Earlier this month, the retail arm of Reliance Industries had invested $200 million in online delivery platform Dunzo for a 25.8 per cent stake.
Baron Capital Group, Sumeru Ventures, IIFL and Kotak were among the new investors who participated in the latest funding round. Swiggy’s existing investors participating in the round included Alpha Wave Global and Qatar Investment Authority.
Swiggy said in a statement, “While the food delivery business has nearly doubled in Gross Order Value (GOV) over the past year, this fundraising will allow Swiggy to accelerate growth on the core platform and make Instamart a worthwhile investment to grow.” will help.”
Swiggy said its grocery delivery service Instamart is on track to reach an annual gross merchandise value of $1 billion in the next three quarters.
Instamart competes with Tata-owned BigBasket, Grofers, Amazon Fresh of Amazon.com Inc. and JioMart of Reliance Industries. In Grofers, Swiggy’s larger rival Zomato Ltd has a stake.
Earlier this month, the retail arm of Reliance Industries had invested $200 million in online delivery platform Dunzo for a 25.8 per cent stake.
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