Swiggy valued at $10.5 billion in $700-million Invesco-led round

Valuation has doubled since it was valued at $5.5 billion in April

Food delivery service Swiggy is raising $600 million to $700 million in a round led by Invesco that’s due to close this month, according to people with knowledge of the matter.

While Invesco will pour in $200 million, other existing investors such as Softbank Group will also participate, the people said, asking not to be identified as the details are private. The deal values Swiggy, formally known as Bundl Technologies, at about $10.5 billion, they added. 

Indian start-ups have raised about $10.9 billion in the quarter-ended September, according to Venture Intelligence and PwC India, as China’s crackdown makes the South Asian nation