Swiggy closes $1.25 billion funding led by SoftBank Vision Fund 2, Prosus – Times of India
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NEW DELHI: Swiggy, a leading on-demand delivery platform in India, on Tuesday announced the closing of a $1.25 billion fundraise. The funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with Swiggy’s long-term investor, Prosus and with participation by existing investors, Accel Partners and Wellington Management.
In addition, new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac participated in the round.
The funds will be used to accelerate growth in food delivery and invest in non-food categories as the Bengaluru-headquartered company expects the total addressable market for convenience to grow to 500 million users in the next decade.
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.
“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. Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a short span, especially in the past 15 months of the pandemic,” said Sriharsha Majety, CEO, Swiggy.
“I believe the next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and our target segment for convenience grows to 500 million users,” he added.
Swiggy’s instant grocery delivery service, Instamart has expanded rapidly to create the convenience grocery category within India’s massive grocery delivery segment. Swiggy has also expanded its pick-up and drop service, Swiggy Genie, to 65 cities and deepened the presence of its meat delivery service in key markets. Supr Daily, Swiggy’s daily grocery delivery service, is present across major Indian cities.
In addition, new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac participated in the round.
The funds will be used to accelerate growth in food delivery and invest in non-food categories as the Bengaluru-headquartered company expects the total addressable market for convenience to grow to 500 million users in the next decade.
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.
“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. Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a short span, especially in the past 15 months of the pandemic,” said Sriharsha Majety, CEO, Swiggy.
“I believe the next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and our target segment for convenience grows to 500 million users,” he added.
Swiggy’s instant grocery delivery service, Instamart has expanded rapidly to create the convenience grocery category within India’s massive grocery delivery segment. Swiggy has also expanded its pick-up and drop service, Swiggy Genie, to 65 cities and deepened the presence of its meat delivery service in key markets. Supr Daily, Swiggy’s daily grocery delivery service, is present across major Indian cities.
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