Bengaluru based food delivery app Swiggy has cleared a $700 million fundraise round which was led by US Asset Manager Invesco. Previously, the company was valued at $5.5 billion. Today, the company has turned into a decacorn, a firm valued at $10 billion or more.
On Monday, Zomato’s shares fell below Rs 100 as its total market cap fell down to $9.64 billion. After this round of fundraising, Swiggy has overtaken Zomato in terms of valuation. This round of funding came after it raised $1.25 billion from Japan’s Softbank, Accel and Prosus. Several new investors such as Baron Capital Group, Sumeru Ventures, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital also participated in the latest round of funding.
In a statement, the company said that its food delivery business doubled in gross order value over the past year and that it would use the current funding to grow its quick delivery business called Instamart. “Instamart remains well-positioned to continue to lead the emerging quick commerce grocery space and is set to reach an annualised GMV (gross merchandise value) run rate of $1 billion in the next three quarters,” the company said.
Highlight by Aman Agarwal.