Swiggy, an online food delivery brand, has approximately raised a sum of $800 million from its investors including Goldman Sachs, Amansa Capital, Think Investments, Falcon Edge and Carmignac. This information was shared by brand’s founder Sriharsha Majety in an internal mail to the employees. According to a report published in the Mint, with this investment in Swiggy’s kitty, their total estimated value will touch the $4.9 billion mark. A source close to the company also mentioned that Swiggy is also expecting some funds from GIC Private Limited and Qatar Investment Authority (QIA). After the participation of these two organisations, Swiggy is expected to close the fundraiser.
In a part of the mail accessed by the Mint, the company’s founder Sriharsha Majety wrote, “This fundraise gives us a lot more firepower than the planned investment for our current business lines.” He also mentioned that the company will continue to experiment new offerings for the future, ready for investment later.
Food delivery brands like Zomato and Swiggy were severely hit in April and May last year due to the nationwide lockdown. The impact was so intense that the companies had no option but to resort to down sizing of employees. However, it is worth mentioning that on the eve of New Year, both these major food delivery brands had reported their highest ever levels of daily orders.
Meanwhile, Swiggy has also launched a new wing called the Health Hub for its calorie conscious customer base. This development take place in 2020. Apart from that, the food delivery giant has also started home delivers from gourmet stores in some parts of the country.
Last year, Swiggy had managed to raise some $158 million as a part of Series I round in April. This money was raised with investments from Tencent, Meituan Dianping, Prosus NV, Ark Impact and Korea Investment Partners.
Source: News18