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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

Topics
Swiggy | Invesco  | Food delivery

Agencies 

Swiggy

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

While 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 more attractive to global investors. Bangalore-based competes with the likes of Zomato, which is backed by the Ant Group.

is expected to follow Zomato with an initial public offering about a year or so later, one of the people said. Representatives for Swiggy and Softbank didn’t immediately reply to emails seeking comment. declined to comment.

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The company has seen its valuation almost double since it was valued at $5.5 billion in April. It will use the new cash to strengthen its grocery delivery business, the people said.

In July, Swiggy has closed a $1.25-billion fundraise round, marking the first investment in the category by SoftBank Vision Fund 2. This took the valuation of the Bengaluru-based startup up by more than 50 per cent to $5.5 billion from $3.6 billion earlier.

Swiggy CEO Sriharsha Majety had then said: “The scope of 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.”

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First Published: Wed, December 01 2021. 23:19 IST
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