Indian Food Delivery Firm Swiggy to Close $800 Million Funding Round
New investors to Swiggy’s cap table, Sovereign Wealth Funds Qatar Investment Authority, and GIC of Singapore are also part of the financing round. Existing investors Prosus Ventures, its largest shareholder, and venture fund Accel also participated in the Series J round.
“Over the last one year, thanks to all your efforts, we’ve managed to drive a strong recovery in the food delivery business with a very clear path to profitability. The food delivery business is the strongest it has ever been, and we are now well on our way to drive continued growth over the next decade,” says, Sriharsha Majety, Co-Founder & CEO, Swiggy.
“The fundraise gives us a lot more firepower than the planned investments for our current business lines. Given our unfettered ambition though, we will continue to seed/experiment new offerings for the future that may be ready for investments later,” he added.
Some of the company’s new bets like Instamart are also showing promise, he added.
“Overall, between the offerings that are scaling fast now and the pipeline we have, our vision for unparalleled convenience will come to life in a very big way over the next few quarters,” Majety said.
Swiggy's fundraising comes at a time as Zomato, Swiggy's main competitor, prepares to go public in the coming months. Food-delivery and restaurant-finding app had raised $500 million in a pre-IPO round, estimated at $5.5 billion, with a combination of primary and secondary funding.
Swiggy currently operates in over 500 cities and continually improves on-demand food delivery services by leveraging technology, delivery network, and learnings from over 1 billion delivered orders. After several hiccups following the lockdown, Swiggy and Zomato are emerging from the shadows of the pandemic and have surpassed pre-Covid order levels.