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Swiggy added $1.25 billion in funding round led by SoftBank, Prosus

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Swiggy added $1.25 billion in funding round led by SoftBank, Prosus

Swiggy, an Indian food ordering, and delivery platform added USD 1.25 billion in its worth in a funding round led by Softbank and Prosus.

Softbank shared information in a release; this is the first investment by Softbank in the Indian food delivery industry. Existing investors Accel Partners and Wellington Management also participated in the funding round.

“In addition, Swiggy welcomes new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments, and Carmignac.”

The company said the funding round saw strong investor interest and was heavily subscribed. This investment will further accelerate its multi-year strategy of growing its core food delivery business and building new food and non-food proximity in 2021 and beyond.

Swiggy will enhance its capabilities in technology and artificial intelligence, and strengthen teams in engineering, data science and analytics as well as business and supply chain for its new initiatives.

Swiggy CEO Sriharsha Majety said, “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”.

Apart from food delivery, Swiggy also offers an instant grocery delivery service through Instamart and has also expanded its pick-up and drop service, Swiggy Genie, to 65 cities. It has also deepened its meat delivery service presence in key markets.

Mr. Majety added, “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”.

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