SoftBank-backed Swiggy raises $700 million to grow grocery unit – ArabianBusiness
- Date: 24-Jan-2022
- Source: Arabian Business
- Sector:Agriculture
- Country:Middle East
SoftBank-backed Swiggy raises $700 million to grow grocery unit – ArabianBusiness
Indian food-delivery platform Swiggy raised $700 million from investors led by Invesco to expand its on-demand grocery service as demand rises.
Investors participating also included Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital, the start-up said in a statement on Monday. Existing backers including Alpha Wave Global and Qatar Investment Authority also took part.
While Swiggy didn’t disclose its valuation publicly, the round values the company at $10.7 billion, according to people familiar with the matter. The round comes six months after the Bangalore-based start-up raised $1.25 billion.
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