Food Ordering platform Swiggy raises $1.25 billion in a funding round led by SoftBank
Food ordering online outlet platform Swiggy has raised $1.25 billion in a funding round led by Prosus and Softbank vision. For SoftBank, this is its first investment within the Indian food delivery category, the corporate stated during a release. Existing investors Accel Partners and Wellington Management also actively participated in the funding round.
"In addition, Swiggy welcomed new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac," it said.
The company mentioned that the funding round received overwhelming interest from investors and was heavily oversubscribed. The investest will escalate its multi-year strategy of growing its core food delivery business and building new food and non-food adjacencies in the fiscal year 2021.
Swiggy is ready to reinforce its capabilities in technology and AI, and strengthen teams across engineering, product, data science and analytics also as in business and provide a chain for its newly launched initiatives.
"The scope of food delivery in India is very large and over subsequent few years, we'll still invest aggressively into growing this category.
Our biggest investments are going to be in our non-food businesses that have witnessed tremendous consumer love and growth during a short span, especially within the past 15 months of the pandemic," Swiggy CEO Sriharsha Majety said.
In addition to its existing food delivery system, Swiggy also offers instant grocery delivery service through Instamart and has expanded its pick-up and drop services across 65 cities.