Food delivery app Swiggy raises Rs 9,345 crore
Fundraising led by Softbank Vision Fund 2 and Process, the company was valued at around Rs 41,125 crore.
New Delhi: Food ordering and delivery app Swiggy has raised US १ 1.25 billion, or Rs 9,345 crore. Has raised funds. The fund has been set up under the leadership of Softbank Vision Fund 2 and Process.
Sources said that the company was valued at about ५ 5.5 billion, or Rs 41,125 crore, after the fundraising round. Is done.
This value has moved closer to the value of the company’s competitor Zomato. Zomato had recently raised huge funds through an IPO. Therefore, the value of Zomato is Rs 64,365 crore. Is done.
The investment marks the first investment by Softbank Vision Fund 2 in an Indian food delivery app with his company’s long-term investment company Process and other existing investors, Assel Partner & Wellington Management, Swiggy said in a statement.
In addition, new investors include Qatar Investment Authority, Falcon Age Capital, Amanasa Capital, Golden Sash, Think Investments and Carmignac.
Due to the huge interest generated by the investors, a large amount of money was paid in this investment round. As a result of Covid 19, Swiggy improved rapidly and increased in 2020-21, Swiggy said.
Global investors seem to have great confidence when investing in this round of swigs. This shows that the company has the potential to make a big impact in the future, said Sriharsh Majeti, CEO of Swiggy.
The food delivery business in India has huge potential and the company will invest aggressively in the next few years, he added.