Six months after the company raised a massive $1.25 billion, Swiggy announced on Monday, January 24, that it has raised $700 million in new funding, taking its valuation to $10.7 billion and making the company a decacorn. The round was led by Invesco and saw the participation of 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. Existing investors Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus also participated in the round.
It added that its food delivery business has nearly doubled in gross order value in the last year. The fundraise, Swiggy said, will be used to make investments in its grocery arm Instamart as well as accelerate growth on its core platform.
â€śInstamart remains well-positioned to continue to lead the emerging quick commerce grocery space and is set to reach an annualised GMV run rate of USD 1 billion in the next three quarters,â€ť the company said in a statement.
CEO Sriharsha Majety said that the GMV of the food delivery business took 40 months to achieve, whereas it was 17 months for Instamart.
â€śOur goal is to make Swiggy the platform that 100 million consumers can use 15 times a month. We will continue to invest in our people, products, and partners to create a positive impact on the ecosystem and accelerate the digital transformation in food and grocery delivery and other on-demand services,â€ť he added.
Swiggy said it has expanded Instamart to 19 cities, and that Swiggy Genie is present in 68 cities. It added that its meat delivery service as well Supr Daily, its daily grocery service is present across all major cities.