PE Fund Investments
Food delivery app Swiggy raises $700-M from Invesco, others; turns decacorn
Bengaluru-based food delivery unicorn Swiggy has raised USD 700 million in a round led by US-based asset manager Invesco. The round also saw participation from 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 Prosus, Alpha Wave Global, Qatar Investment Authority, and ARK Impac have also invested. The latest investment has almost doubled Swiggy's valuation to USD 10.7 Billion, compared to that from its previous fundraise last year. The fresh funds will help Swiggy scale its food delivery and quick commerce businesses. Its grocery delivery unit Swiggy Instamart has been facing intense competition from Zomato-backed BlinkIt, Reliance-backed Dunzo and Mumbai-based soonicorn Zepto.
From the Venture Intelligence PE-VC Deal Database: Between Feb-15 and Jul-21, Swiggy attracted nearly $2.9 B from SoftBank Corp, Think Investments, Wellington Management, Prosus Ventures, Qatar Investment Authority, Alpha Wave Global, Amansa Capital, Accel India, GIC, Goldman Sachs, Samsung Ventures, Korea Investment Partners, Tencent, Coatue Management, Hillhouse Capital, DST Global, Harmony Partners, Bessemer, Norwest, Elevation Capital, InnoVen Capital, RB Investments, and others. Some investors have made partial exits. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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