Swiggy, a food delivery service, revealed on Monday that it had secured $700 million in a new investment round headed by Atlanta-based Invesco. Several new investors joined the round, including Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, and others, according to the business.
The Bengaluru-based company has now attained a valuation of $10.7 billion as a result of the additional funding.
This investment comes at a time when food and online grocery adoption is rising, and consumer demand for Swiggy’s several services continues to expand, according to the company.
Six months ago, the company raised $1.25 billion at a valuation of $5.5 billion in a new investment round.
This funding will allow Swiggy to accelerate growth on the core platform and make major investments to grow Instamart, the firm said, adding that the rapid commerce grocery service is on track to reach an annualised GMV run rate of $1 billion in the next three quarters.
Swiggy has expanded Instamart to 19 cities in the previous few months, while Swiggy Genie, its pick-up and drop service, is now available in 68 locations, and Swiggy’s meat delivery service and daily shopping service, Supr Daily, are available in all major Indian cities. Swiggy One, the food aggregator’s first comprehensive membership programme, offers perks across food, grocery, and other Swiggy on-demand services.