Mumbai/UNI: Food ordering and delivery platform Swiggy on Monday said it has raised USD 700 million in new funding led by Invesco.
The round also saw participation from a host of new 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), Qatar Investment Authority and ARK Impact along with its long-term investor Prosus also participated in the round.
"This investment comes at a time when the adoption of food and online grocery is accelerating and the consumer demand for Swiggy's many services continues to grow," the company said in a statement.
It said that while the food delivery business has nearly doubled in gross order value (GOV) in the last year, this fund raise will enable Swiggy to further accelerate growth on the core platform and make meaningful investments to grow Instamart.
"Instamart remains well-positioned to continue to lead the emerging quick commerce grocery space and is set to reach an annualised GMV (gross merchandise value) run rate of $1 billion in the next three quarters. The company will also further strengthen its investments in the broader ecosystem," it said.
Swiggy CEO Sriharsha Majety said: "The GMV of our food delivery business achieved in 40 months took Instamart just 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers."
He said the goal was to make Swiggy the platform that 100 million consumers can use 15 times a month.
"We will continue to invest in our people, products, and partners to create a positive impact on the ecosystem and accelerate the digital transformation in food and grocery delivery and other on-demand services,” Majety added.
In the last few months, Swiggy has expanded Instamart, its quick commerce grocery service. to 19 cities.