Swiggy, an Indian on-demand convenience platform, raised $700M in funding.
The round was led by Invesco with participation from Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group, Segantii Capital, Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus.
The round was led by Invesco with participation from Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group, Segantii Capital, Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus
Led by Sriharsha Majety, CEO, Swiggy provides an on-demand convenience platform which connects consumers to over 1,85,000 restaurant partners and stores in over 500 cities. Its express delivery service Instamart is present in 19 cities. Every order delivered by Swiggy’s delivery executives ensures a host of customer-centric features like lightning-fast delivery, no minimum order value, live order tracking, and 24/7 customer support.
Instamart remains positioned to continue to lead the emerging quick commerce grocery space and is set to reach an annualised GMV run rate of USD 1 billion in the next three quarters.
The company intends to use the funds to:
- accelerate growth on the core platform,
- make investments to grow Instamart and
- strengthen its investments in the broader ecosystem.
FinSMEs
25/01/2022