Swiggy bags US $1.25 bn funding from SoftBank Vision Fund 2 and Prosus

The funding round also saw participation by existing investors, Accel Partners and Wellington Management apart from new investors including; Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac.
  • Nusra Deputy Features Editor
Swiggy

On-demand delivery platform Swiggy has raised US$1.25 Billion by SoftBank Vision Fund 2*, and its long term investor Prosus, one of the largest technology investors in the world.

The funding round also saw participation by existing investors, Accel Partners and Wellington Management apart from new investors including; Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac.

This latest fundraise was heavily oversubscribed following strong interest from investors and comes on

 the back of Swiggy’s rapid recovery from the impacts of Covid-19 and subsequent growth in 2020-21.

“The participation of some of the most visionary global investors is a huge vote of confidence in Swiggy’s mission and ability to build an enduring and iconic company out of India. The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category,” said Sriharsha Majety, CEO, Swiggy by adding that their biggest investments will be in non-food businesses that have witnessed tremendous consumer love and growth in the past 15 months of the pandemic.

This investment will further accelerate Swiggy’s multi-year strategy of growing its core food delivery business and building new food and non-food adjacencies in 2021 and beyond. To support this, Swiggy will enhance its capabilities in technology and AI, and strengthen teams across Engineering, Product, Data Science and Analytics as well as in business and supply chain for its newer initiatives.

“SoftBank has successfully backed multiple food delivery platforms globally and seen the value of providing high quality convenience to consumers. Swiggy’s focus on evolving the consumer experience, and its emphasis on relationships with its delivery partners and restaurants, have made it a household brand in India,” shared Munish Varma, Managing Partner, SoftBank Investment Advisers.

Swiggy launched the Jumpstart program supporting over 50,000 restaurants last year. During the second wave in India, it launched Swiggy Suraksha to offer COVID-19 relief and support to its delivery partners and their families. This includes a 24*7 hotline for leads on medical emergencies, access to doctors for partners and their families, income support, free access to vaccination, and enhanced hospitalization cover for partners and their families if affected by Covid.

“As a long-term investor in Swiggy, we are continually impressed by the solid business that Swiggy has built, standing out amongst others in India. Swiggy has a steadfast commitment to delivering unparalleled service to consumers, fulfilling their needs across a range of services, while striving to be the most desirable platform for restaurants and delivery partners,” added Larry Illg, CEO, Prosus Food.

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