The food delivery app, Swiggy has raised $800 million from a set of new investors namely Falcon Edge, Goldman Sachs, Carmignac, Think investors Amanda Capital. The sources say the information has been delivered by an internal mail sent by the company’s co-founder Sriharsha Majety.
The highly popular and used food delivery major is now at a valuation of $5 Billion, after this new round of investment, as per the person aware of the information.
Meanwhile, in one statement- Majety said Swiggy’s existing investors Prosus Ventures that was earlier Naspers and Accel Partners have also participated in the latest financing round, which was “heavily oversubscribed”.
It’s quite clear that this new fundraising round has Swiggy more power and made it financially stronger to fight Gurgaon rival Zomato. As Zomato has also recently raised $900 million in the last 2 rounds. It is also aiming to launch an Initial Public Offering (IPO) by the end of 2021.
Majety said- We will now relentlessly invent and execute over the few years to build an enduring firm out of India.
He also added- “The food delivery business is the strongest it’s ever been and we are now well on our way to try continued growth over the next decade. In addition, some of our new bets like Instamart show amazing promise while we have also made strides in setting up some of our agencies for lift-off very soon.
The further plans of the company are in the coming 10 to 15 years, it is aiming to serve around 500 million Indians as the middle class prospects base is expanding extensively. Both the food delivery companies Swiggy and Zomato has stated that they are already working towards the greater goals and recovered the lows of the pandemic.
And on this Majety also said- “We have managed to drive a strong recovery in the food delivery business with a clear path to profitability”.
Whereas, on the other side, the Swiggy Spokesperson refused to comment on the Co-founder’s mail to the team.
Lastly, facts and figures say the online food delivery sector has been growing immensely, even though it was hit by the covid-19 pandemic. And on one side the Indian market is still behind the China and US, and there’s a lot of scope to widen and grow.
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