Swiggy’s funding appetite increases the overall valuation to $5.5 billion

Date: 2021-07-22   Author: Pankaj Singh  Category: #news

Swiggy’s funding appetite increases the overall valuation to $5.5 billion

With more on the plate now, one of the leading food delivery firms, Swiggy, has recently announced concluding its $1.25 billion funding round headed by SoftBank Vision Fund 2 and Prosus

Swiggy has recently declared closing down its recent $1.25 billion funding round led by Prosus and SoftBank Vision Fund 2, just to raise its overall valuation to $5.5 billion. The financing includes a first tranche of $800 million infused by a gamut of investors, and a fresh capital of $450 million investment made by SoftBank Vision fund 2.

It would be essential to note that through this novel funding, SoftBank is looking forward to debuting its first investment in the Indian food delivery space. In addition to this, the funding round was also backed by Swiggy’s current investors including Wellington Management, and Accel Partner, along with a slew of new investors, Falcon Edge Capital, Qatar Investment Authority, Goldman Sachs, and others.

It has been reported that a chunk of the new capital would be used for expanding the company’s core food delivery business, while the major portion would be deployed to build nonfood verticals like grocery in 2021 and beyond. This will potentially entail heavy investments in boosting AI capabilities, technology, and employing skilled talent.

Speaking on the latest accomplishment, Sriharsha Majety, CEO of Swiggy cited that the firm’s biggest investments are likely to include non-food businesses that have observed significant love of consumers in a short span, especially in the past 15 months of the Covid-19 pandemic.

Majety added that the company is further looking forward to acquiring a once in a lifetime opportunity like this, as the Indian middle class population is expanding profusely.

The coronavirus pandemic has had an impeccable impact on the overall food delivery business in the Indian subcontinent. This expansion has indeed enhanced the investor appetite for the space, resulting in hefty investments in the marketplace.

For the record, analysts at Kotak Institutional Equities predict the online food delivery industry GMV to surge to $9 billion in FY25, with further escalation to $27 billion by FY30.

Source Credit: https://www.financialexpress.com/industry/sme/more-on-the-plate-new-raise-puts-swiggy-valuation-at-5-5-billion/2294502/

About Author

Pankaj Singh linkdin-boxtwitter

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

Post Recommendents

UV Curable Resins Market Trends, Forecast and Competitive Analysis Report 2021-2026

Author: Rahul Varpe

Learn how to build the strategy and business case to implement. UV Curable Resins market size (value and volume) by players, regions, product types and end industries, history data 2013-2019 and forecast data 2020-2026; This report also studies th...

IoT in Livestock Management Market 2021 | Outlook, Growth By Top Companies, Regions, Types, Applications, Drivers, Trends & Forecasts by 2026

Author: Partha Ray

The latest IoT in Livestock Management market report guides investors, marketers, businesses, and other stakeholders in making well-informed decisions pertaining to Covid-19 challenges and future proceedings of the industry.



Internet of Nanothings (IoNT) Market Future Scope Demands and Projected Industry Growths to 2026

Author: Partha Ray

Internet of Nanothings (IoNT) market report, inclusive of Covid-19 impact analysis, evaluates business status and potential of major regions from the perspective of key players, and application/end-user industries.


The resear...