Monday, March 20, 2023

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Swiggy Raised a $1.25 Billion Financing Round & 10.7 Billion In Final Round Making It a Decacorn

On 20 July, 2021, an Indian food delivery startup Swiggy raised a $1.25 billion financing round led by SoftBank Vision Fund 2 and Prosus.

Now In the new investment Swiggy’s value has approximately doubled to $10.7 billion, making it a decacorn. A startup with a valuation greater than $10 billion is known as a decacorn. Earlier, the corporation had a $5.5 billion valuation.

The news was that Invesco was leading Swiggy’s fresh financing round and that the company’s valuation had increased as a result of competitor Zomato’s large listing. Similar to the global technology index as a whole, Zomato’s shares had erased their July listing gains over the previous week. At the close of trading on Monday, its stock price fell by about 20% to Rs 91 per share on the BSE, putting its market capitalization at $9.64 billion. The market value of the business with its headquarters in Gurgaon had previously reached a peak of $17 billion.

Swiggy’s valuation has surpassed Zomato’s current market cap as a result of the most recent fundraising. Additionally, Swiggy has become the second most valued privately held startup in the process, behind educational technology company Byju’s.

Increase In Gross Order Value 

The money raised will allow it to expand its core platform’s growth and make significant efforts to expand its quick delivery company, Instamart, it claimed.

Instamart is still in a strong position to maintain its position as the market leader in the rapidly growing quick commerce grocery sector, and it expects to reach a $1 billion annualized GMV run rate in the ensuing three quarters.

The business added that it would increase investment in the bigger ecosystem. Earlier, ET claimed that Swiggy was in discussions to contribute $150–200 million to Rapido, a bike taxi startup located in Bengaluru.

About Swiggy, Investors, And Co-founder 

Swiggy, a Banglore- based online meal ordering and delivery service platform from India was established in 2014 and currently serves more than 500 Indian locations.

Swiggy’s platform benefits are demonstrated by the GMV that our food delivery service generated in 40 months compared to Instamart’s achievement in just 17 months, according to Sriharsha Majety, co-founder and CEO of Swiggy. “We will focus even more on this to develop other categories in keeping with our aim of providing Indian consumers with unmatched convenience,” the statement continued.

According to insiders, Invesco’s investment in Swiggy indicates that the food delivery service is considering going public in the next few years. The new capital comes from investors like Japan’s SoftBank, Accel, and current investor Prosus, among others after Swiggy received $1.25 billion in a financing round that lasted from April to July of last year from Along with Prosus, Swiggy’s long-term investor, existing investors Qatar Investment Authority, ARK Impact, and Alpha Wave Global (formerly Falcon Edge Capital) also took part.

Delivery In Minutes By Swiggy

With the help of its Instamart service, which promises to deliver groceries in 15 to 30 minutes using a network of seller-owned “dark” stores, Swiggy has been making headway in the fiercely competitive instant food delivery market over the past several months.

Dark stores are compact warehouses in the middle of a city where orders may be delivered more quickly.

Instamart allegedly processed more than a million orders weekly and ran a network of 150 “dark” outlets in 18 locations, according to a claim made by Swiggy last month. Instamart is now active in 19 cities.

Ola, which has begun tests for its immediate grocery service in Bengaluru and Mumbai, Zomato-backed Blinkit (formerly Grofers), six-month-old Zepto, and Ola are the main competitors for Swiggy’s quick commerce vertical.

Zepto recently invested $100 million in Zepto, with existing investor Silicon Valley startup incubator Y Combinator serving as the lead investor. Blinkit is expected to receive $500 million from Zomato. Zepto is currently valued at $570 million. In addition to the 200 dark stores it already runs, Blinkit plans to open another 100 in the upcoming months.

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