Swiggy has raised about $800 million in a new financing round, the Indian food delivery startup told employees on Monday, as it looks to expand its business in the country quarters after the startup cut its workforce to navigate the pandemic.
In an email to employees, first reported by Times of India journalist Digbijay Mishra, Swiggy co-founder and chief executive Sriharsha Majety said the startup had raised $800 million from new investors including Falcon Edge Capital, Goldman Sachs, Think Capital, Amansa Capital, and Carmignac, and existing investors Prosus and Accel.
“This fundraise gives us a lot more firepower than the planned investments for our current business lines. Given our unfettered ambition though, we will continue to seed/experiment new offerings for the future that may be ready for investment later. We will just need to now relentlessly invent and execute over the next few years to build an enduring iconic company out of India,” wrote Majety in the email obtained by TechCrunch.
Majety didn’t disclose the new valuation of Swiggy, but said the new financing round was “heavily subscribed given the very positive investor sentiments towards Swiggy.” According to a person familiar with the matter, the new round valued Swiggy at over $4.8 billion. The startup has now raised about $2.2 billion to date.
Swiggy had raised $157 million last year at about $3.7 billion valuation. That investment is not part of the new round, a person familiar with the matter told TechCrunch.
He said the long-term goal for the startup, which competes with heavily-backed Zomato and new entrant Amazon, is to serve 500 million users in the next 10-15 years, pointing to Chinese tech giant Meituan, which had 500 million transacting users last year.
This is a developing story. More to follow…
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