[ad_1]
Swiggy on Monday mentioned it has raised $700 million in new funding led by Invesco. The spherical additionally noticed participation from new traders resembling Baron Capital Group, Sumeru Enterprise, IIFL AMC Late Stage Tech Fund, Kotak, Axis Progress Avenues AIF- I, Sixteenth Road Capital, Ghisallo, Smile Group and Segantii Capital.
Swiggy’s current traders Alpha Wave World (previously Falcon Edge Capital), Qatar Funding Authority, and ARK Affect, together with its long-term investor Prosus additionally participated within the spherical, the corporate mentioned in an announcement.
“Our purpose is to make Swiggy the platform that 100 million shoppers can use 15 occasions a month,” mentioned Sriharsha Majety. “We are going to proceed to put money into our individuals, merchandise, and companions to create a optimistic influence on the ecosystem and speed up the digital transformation in meals and grocery supply and different on-demand companies,”
The corporate added that its meals supply enterprise has almost doubled in gross order worth (GOV) within the final yr, this fundraise will allow it to additional speed up development on the core platform and make significant investments to develop Instamart.
“Instamart stays well-positioned to proceed to steer the rising fast commerce grocery area and is about to succeed in an annualised GMV run charge of $1 billion within the subsequent three quarters. The corporate may also additional strengthen its investments within the broader ecosystem,” it added.
“The GMV our meals supply enterprise achieved in 40 months, took Instamart simply 17 months, demonstrating the platform advantages of Swiggy. We are going to double down on this to construct extra classes consistent with our mission of providing unparalleled comfort to Indian shoppers,” Mr. Majety added.
Supply- thehindu