Swiggy raises USD 700 mn from Invesco, others

TIL Desk/Business/New Delhi/ Food delivery platform Swiggy on Monday said it has raised USD 700 million (nearly Rs 5,225 crore) in new funding led by investment firm Invesco.

 Other new investors in the round include 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 said in a statement.

 Six months after raising USD 1.25 billion, the new fundraise also sees increased participation of institutional investors both in India and globally, it added.

 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 continue to grow,” the company said.