Swiggy raises $1.25 billion from funding led by Soft Bank, Porus
Recently, Swiggy, an on-demand delivery platform in India, said it has closed a $1.25 billion fundraise. The company said the funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2*, with Swiggy’s long-term investor, Prosus, one of the largest technology investors in the world, and with participation by existing investors, Accel Partners and Wellington Management.
Swiggy welcomed fresh investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments, and Carmignac. This newest fundraise was heavily oversubscribed following robust interest from investors and arises on the back of Swiggy’s rapid salvage from the impacts of Covid-19 and subsequent growth in 2020-21.
This investment will advance Swiggy’s multi-year strategy of emergent and its core food delivery business and building new food and non-food adjacencies in 2021 and beyond. To support this, Swiggy will enhance its capabilities in technology and AI, and strengthen teams across Engineering, Product, Data Science and Analytics as well as in business and supply chain for its newer initiatives.
Sriharsha Majety, CEO, Swiggy, states, “The participation of some of the most visionary global investors is a huge vote of confidence in Swiggy’s mission and ability to build an enduring and iconic company out of India. The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category. Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a short span, especially in the past 15 months of the pandemic.”
He adds, “I believe the next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and our target segment for convenience grows to 500 million users. I am confident that we will continue to achieve new growth milestones while holding the responsibility to build a vibrant ecosystem for millions of consumers, as well as our restaurant and delivery partners.”