Mumbai: If Zomato raised $1.25 billion from its IPO last week, is its rival Swiggy going to be left behind? It seems no one wants to give an inch to India’s food delivery monopoly.
Online ordering delivery platform Swiggy on Tuesday announced raising USD 1.25 billion (about Rs 9,345 crore) led by SoftBank Vision Fund-2 and Prosus through its IPO that closed on July 16 by Zomato. amount is equal to.
According to sources, after the completion of this round of funding, the valuation of the company will be $ 5.5 billion (about Rs 41,125 crore). Swiggy’s competitor Zomato recently closed its initial public offering (IPO) at a valuation of Rs 64,365 crore.
Swiggy said in a statement that the funding was partnered by the company’s long-term investor Prosus as well as other existing investors Accel Partners and Wellington Management. With this, this is the first investment by SoftBank Vision Fund-2 in the Indian food delivery category. In addition, Swiggy welcomed new investors Amansa Capital, Carmignac, Falcon Edge Capital, Goldman Sachs, Qatar Investment Authority and Think Investments.
Swiggy CEO Sriharsha Majeti said, “The participation of some of the most visionary global investors reflects Swiggy’s mission and its ability to build a sustainable and prestigious company out of India.” and the company will continue to invest aggressively to grow this category over the next few years. “Our biggest investments will be in our non-food businesses, which have seen tremendous growth in a short period of time, especially in the last 15 months,” Mazetti said.