Venture Capital: Indian Food Delivery Startup Swiggy Closes $1.25B Series J Round

July 20, 2021 | Latest News, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2021/07/front_bg_min.jpg

The massive funding round was led by SoftBank Vision Fund 2 and Prosus Ventures.

Indian food delivery startup Swiggy, announced the close of a $1.25 billion Series J funding that valued it at $5.5 billion post-money. Evidently encouraged by rival Zomato’s bumper IPO which closed earlier this week being subscribed over 40 times, SoftBank itself took up $450 million out of the “heavily oversubscribed” Swiggy round. The round includes $800 million disclosed by Swiggy in April that saw participation from new investors such as Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, besides Prosus and Accel. (The Economic Times)

Swiggy: Use of funds

Swiggy will use the funding, the biggest in its history, to expand its nascent online grocery business and for expansions to drive inorganic growth. The startup also intends to hire more tech talent across engineering, product, data science and analytics, and continue to boost its bread-and-butter food delivery business.

“The food delivery business has dramatically improved in unit economics profile, and, with clear paths to profitability, that’s one area where we’ll continue to invest and grow more awareness to build on what we have. A significant part of the investments will be made in our non-food bets like Instamart,” Swiggy’s cofounder and chief executive Sriharsha Majety said.

Apparently, Swiggy’s non-food ambitions have resulted in additional investor interest. The startup will also use the capital to build supply chains for these new bets.

Household brand

“SoftBank has successfully backed multiple food delivery platforms globally and seen the value of providing high quality convenience to consumers,” said Munish Varma, managing partner, SoftBank Investment Advisers. “Swiggy’s focus on evolving the consumer experience, and its emphasis on relationships with its delivery partners and restaurants, have made it a household brand in India.”

According to TechCrunch, which quoted research by Bernstein, the Indian food delivery market could be $12 billion in size by 2022.

Related Story:  Indian Food Delivery Startup Swiggy Raises $800M At $5B Valuation

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/07/home-page-section-app.jpg
FinTech: UK-Based BNPL Player Zilch Closes Series B With Additional $110M
July 23, 2021     FinTech, News

The $110 million comprised both debt and equity capital. Zilch, the UK-based BNPL platform has raised an additional $110 million from Goldman Sachs and DMG Ventures. The funding is part…

https://dailyalts.com/wp-content/uploads/2021/07/dollar-2387088_640.jpg
Alternative Investments/Hedge Funds: Inflation Fears Boost Hedge Funds’ AUM To Nearly $4T
July 23, 2021     Alternative Investments, Hedge Funds, News

A market survey by alternatives technology provider Vidrio Financial shows that fears of inflation have helped move substantial fund allocations during the first half of 2021 to alternative assets such…

https://dailyalts.com/wp-content/uploads/2021/07/bitcoin-6251865_640.jpg
Alternative Investments/Digital: Global X Throws Its Hat In The Bitcoin ETF Ring

Global X, the New York-based ETF provider and subsidiary of $560 billion investment manager Mirae Asset, has filed with the SEC for permission to launch a bitcoin ETF titled the…

https://dailyalts.com/wp-content/uploads/2021/07/bitcoin-4011305_640.jpg
Digital Assets: Crypto Adoption Stories From JPMorgan, Gallup Poll, Bitcoin Depot, And UBS
July 23, 2021     Digital Assets, News

Four news bites that show cryptos are hanging on, recent crashes notwithstanding. From bitcoin ATMs to crypto FOMO, here goes….