Swiggy’s competitor Zomato recently closed its initial public offering (Zomato IPO) at a valuation of Rs 64,365 crore.
Fresh fund received from SoftBank Vision Fund-2.
Online ordering food delivery platform Swiggy on Tuesday announced the raising of USD 1.25 billion (about Rs 9,345 crore) led by SoftBank Vision Fund II and existing investor Prosus. According to sources, after the completion of this round of funding, the valuation of the company will be $ 5.5 billion (about Rs 41,125 crore).
Swiggy’s competitor Zomato recently closed its initial public offering (Zomato IPO) at a valuation of Rs 64,365 crore. Swiggy said in a statement that the funding was partnered by long-term investor Prosus, as well as other existing investors Accel Partners and Wellington Management. With this, this is the first investment by SoftBank Vision Fund II in the Indian food delivery category.
There is a huge market for food delivery
Swiggy CEO Sriharsha Majeti said, “The participation of some of the most visionary global investors reflects Swiggy’s mission and its ability to build a sustainable and prestigious company outside India.” and the company will continue to invest aggressively to grow this category over the next few years.
This investment will be made in the non-food section
“Our biggest investment will be in our non-food businesses, which have grown tremendously in a short span of time, especially in the last 15 months,” Mazetti said. Will be helpful in the development of new food and non-food business. For this, the company will enhance its capabilities in technology and artificial intelligence (AI) and strengthen teams in engineering, product, data science, analytics and supply chain.
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