Swiggy to raise $800-mn in new round, Sriharsha Majety writes to employees

The fundraising comes at a time when its major competitor Zomato is preparing for a $650-million IPO this month.
  • Nusra Deputy Features Editor
Swiggy

“It gives me great pleasure to inform you all that as part of our recent efforts, we’re closing around USD $800 mn in financing. Some of the world’s best financial investors like Falcon Edge Capital, Amansa capital, Think Investments, Carmignac and Goldman Sachs, are joining us as new investors this time,” shared SriHarsha Majety, Co-Founder & CEO, Swiggy.

The food delivery platform will also see participation of its existing investors including Prosus and Accel in the round, demonstrating huge excitement in Swiggy’s plans for the future.

Also Read: Swiggy launches Health Hub in Chennai

According to the statement, the fund raise was also very heavily oversubscribed given the very positive investor sentiment towards Swiggy.

“The food delivery business is the strongest it’s ever been, and we're now well on our way to drive continued growth over the next decade. In addition, some of our new bets like lnstamart are showing amazing promise while we've also made strides in setting up some of our other adjacencies for lift off very soon,” he added in the letter.

The fundraising comes at a time when its major competitor Zomato is preparing for a $650-million IPO this month. It recently closed a $910-million round at a valuation of $5.4 billion.

“This fundraise gives us a lot more firepower than the planned investment 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," added Majety.

May Interest: Swiggy’s revenue grew by 125% to Rs 2,515 cr in FY20

He also added that while they continue to aggressively grow the business,  he want to strongly assert and remind every Swiggster that their most important responsibility this year is to build the most vibrant ecosystem for our consumers, restaurants and delivery partners.

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