Food delivery startup Swiggy raises $1.25 bn from SoftBank, Prosus

BENGALURU, July 20: Food delivery platform Swiggy has announced it has raised $1.25 billion (Rs 9,345 crore) in funding in a round led by SoftBank Vision Fund 2 and Prosus, raising its market value to $5.5 billion (around Rs 41,125 crore). The fundraise includes the $800 million investment the Bangalore-based startup had disclosed to its employees earlier this year.

Swiggy said it will enhance its capabilities in technology and artificial intelligence, and strengthen teams across engineering, product, data science and analytics as well as in 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,” Swiggy CEO Sriharsha Majety said.

This latest fundraise was heavily oversubscribed following strong interest from investors, and comes on the back of Swiggy’s rapid recovery from the impacts of COVID-19 and subsequent growth in 2020-21, it added. Swiggy’s fundraise comes close on the heels of closure of competitor Zomato’s mega initial public offering (IPO) which gives Zomato a valuation of Rs 64,365 crore.

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