HomeBusinessIndia's Swiggy raises $700 million in funding round led by Invesco

India’s Swiggy raises $700 million in funding round led by Invesco

BENGALURU : SoftBank-backed Indian meals supply agency Swiggy stated on Monday it raised $700 million in a funding round led by U.S. funding agency Invesco, as competitors intensifies for fast supply of meals and grocery in Asia’s third-largest economic system.

Baron Capital Group, Sumeru Venture, IIFL and Kotak have been among the many new traders who participated in the most recent funding round. Swiggy’s current traders who took half in the round included Alpha Wave Global and Qatar Investment Authority.

“While the food delivery business has nearly doubled in gross order value (GOV) in the last year, this fundraise will enable Swiggy to further accelerate growth on the core platform and make meaningful investments to grow Instamart,” Swiggy stated in a press release.

Swiggy stated its grocery supply service Instamart is on monitor to succeed in an annualised gross merchandise worth run fee of $1 billion in the following three quarters.

Instamart competes with Tata-owned BigBasket, Grofers, Amazon.com Inc’s Amazon Fresh and Reliance Industries’ JioMart. In Grofers, Swiggy’s bigger rival Zomato Ltd holds a stake.

Earlier this month, Reliance Industries’ retail arm invested $200 million for a 25.8per cent stake in on-line supply platform Dunzo.

(Reporting by Chandini Monnappa and Rama Venkat in Bengaluru; Editing by Subhranshu Sahu)

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