Indian food delivery platform Swiggy has raised $700m to fuel growth in a new funding round led by investment firm Invesco.
With this latest capital infusion, the company is now valued at $10.7bn.
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By GlobalDataBaron Capital Group, Sumeru Venture, Kotak, IIFL AMC Late Stage Tech Fund, Axis Growth Avenues AIF-I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital were some of the other investors that participated in the funding round.
Existing investors Qatar Investment Authority, ARK Impact and Alpha Wave Global also joined.
The company was quoted by The Telegraph as saying in a statement: “This investment comes at a time when the adoption of food and online grocery is accelerating and the consumer demand for Swiggy’s many services continue to grow.”
The latest fundraising follows Swiggy’s $1.25bn investment round last July. At that time, the company was valued at approximately $5.5bn.
In the last 12 months, Swiggy’s food delivery business is said to have doubled its gross order value (GOV).
The company plans to use the proceeds from the latest funding round to expedite its growth as well as expand its quick commerce grocery service, Instamart.
Last December, it was reported that Swiggy planned to invest $700m in Instamart in order to bolster its non-food delivery categories.
Instamart delivers a variety of products that include fresh fruits, vegetables, daily bread, eggs, beverages and cooking essentials. Currently, it operates across several major Indian cities.
