An $800 million funding round will be closed in favor of Swiggy, a food delivery platform in India. Amansa Capital, Falcon Edge Capital, Carmignac, Think Investments, and Goldman Sachs are some of the new investors that will be joining this venture. The company’s current valuation is $3.6 billion, but the new valuation will be close to $5 billion from this new funding.
Investors present Prosus and Accel will also participate in the Series J round, said one of Swiggy’s founders and Chief Executive Officer (CEO) Sriharsha Majety in a letter to staff. This heavily registered the fundraiser because investors felt it was Swiggy, Majety said in the letter.
After the lockdown, the food cravings of people have increased by a lot. “Since people can’t eat out due to several restrictions like limited entries in a restaurant and checkings, people prefer eating food at home. That is where these food delivery app’s demands have risen on a considerable scale. Besides, some of our new bets like Instamart show an amazing promise while also taking steps to set up some of our release slots very quickly.” says Majety.
Swiggy Instamart allows customers to order essentials and meals throughout the day in less than 30-45 minutes. One of its services, Genie, will enable consumers to buy anything at any store and deliver the same, or provide photography equipment and drop off or go anywhere within the city. “This fundraiser gives us far more firepower than the planned investment of our current business plan. However, we will continue to sow/try new offerings in the future that may be worth investing in over time because of our unwavering desire. We need to come up with and do more in the next few years to build a permanent company in India, “Majety said.