Swiggy food delivery platform says it has raised $ 1.25 billion, in a round of led by Softbank Vision Fund 2 and the prosus, because he wants to double the core business, acquire and invest aggressively in the promising instant wholesale shipping business, Supr Grocery Daily Delivery Service Every day and pickup services and drop, Genie Swiggy.
While Swiggy did not comment on the assessment, the MoneyControl Learning Swiggy is now worth $ 5.5 billion.
“It’s fun to get interest we do as part of this round and have tent investors like Softbank. We have strong interests of internal investors such as prosus too. For us it is the validation of work we have done in food administration and great opportunities that are There was for Swiggy to go after the next 10-15 years when we built the start we made at the convenience of “, Co-Founder and CEO of Sriharsha Majety to MoneyControl in a rare interview.
Majety said Swiggy had a plan to use funds in three-four ways. This will continue to invest in cultivating the food delivery category. However, the most important part of its investment will be the growth of non-food bets such as Instalamart where he sees great opportunities. It will also continue to invest in employing the best talents in technology, data science and will explore mergers & acquisitions.
“Surely we will allocate a good part of the increase in funds to the M & A strategy. There are many interesting companies built and we want to dig and see how we can partner together to encourage stronger growth,” Majety said.
Reacting to his rival IPO Zomato for the first time, the Co-Founder and CEO Sriharsha Majety said that it was great to see the validation of the public market for the operating category, adding that Swiggy did not have a plan for the public for the public list.
“We want to expect all companies including the general Zomato this year, all the best. In terms of pressure, no pressure. We are a young company. We have our own strategy and investment plan. We want to do justice for them. Do we think about it (IPO) Yes, but there is no clear action at this point, “said Mimbas.
Round, who appreciate Swiggy at $ 5.5 billion, underlines the appetite of investors in the Indian online food delivery room and comes when Zomato is preparing to register on the Stock Exchange after receiving an extraordinary response for the initial public offering. The IPO, the largest in 15 months, excess request 38.25 times over July 14-16 because investors put more than RS 2 bid worth of lakh crore for the problem of Rs 9,375-Crore.
Zomato’s public list that was a lot of anticipated came when the Indian startup ecosystem witnessed the madness of the funds, with Startup India raising $ 12.1 billion in the first six months of 2021, according to data from venture intelligence. Apart from Zomato, Policybazaar, Nykaa, and Delhivery also strengthened plans for a public list, even because there was a flipkart buzz and a list of freshworks in the US.
Funding will give Firebower Swiggy to compete with Zomato and prevent competition from Amazon, which launched its food delivery service, Amazon Food in May last year in several parts of Bengaluru.
The Indian Competition Commission recently approved the investment by Softbank in Swiggy. MoneyControl has reported in April that Softbank will invest $ 450-500 million in Swiggy at post-money assessments approaching $ 5.5 billion.
Apart from Softbank and Old Prosus Investors Swiggy, there are accel and Wellington Management investors also participate. New investors in the J Round series include Qatar Investment Authority, Capital Edge Falcon, AMANSA Capital, Goldman Sachs, Think Investment, and Carmignac.
It also marks the first investment in the Indian food delivery category by Softbank Vision Fund 2, which has contemplated investment in Zomato and Swiggy for many years, to increase its GLEPA
