Swiggy becomes decacorn, valuation crosses $10.7 bn in new funding round

In the past few months, Swiggy has expanded Instamart to 19 cities

Food-delivery giant Swiggy has raised $700 million in Invesco-led new funding, which, according to sources, has made the outfit a decacorn, almost doubling its valuation to $10.7 billion.

Swiggy’s latest valuation is almost double that of Zomato before the latter went for its initial public offering. Zomato was valued at $5.4 billion before its IPO.

The round saw participation from a host of investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group, and Segantii Capital.

Swiggy’s existing investors Alpha Wave Global (formerly Falcon Edge Capital), the