FOOD DELIVERY PLATFORM Swiggy on Monday said that it has raised $700 million in new funding led by asset management firm Invesco. The Bengaluru-based start-up is now valued at $10.7 billion, up from its previous valuation of $5.5 billion just six months ago. The latest funding makes Swiggy the fourth decacorn – valued at $10 billion or more after Paytm, Oyo and Byju's.
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, Qatar Investment Authority, ARK Impact,and Swiggy's longterm investor Prosus Ventures.
The fundraising comes at a time when the funding wave in Indian tech start-ups has touched record levels in CY2021. Post the pandemic, food tech and grocery delivery have witnessed a renewed shift in demand from Indian consumers across both Tier-1 and Tier-2 cities as the majority of them continue to work from home.
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