Swiggy gets another $800 mn serving from new investors

 Swiggy gets another $800 mn serving from new investors

Online food ordering startup Swiggy has scooped up around $800 million in a round from new investors such as Falcon Edge Capital, Goldman Sachs, Think Investments, Amansa Capital and Carmignac.

Existing investors Prosus Ventures and Accel also participated in the round, Swiggy co-founder and CEO Sriharsha Majety said in an internal mail to employees and reported by several publications.

Singapore sovereign wealth fund GIC and Qatar Investment Authority also came in as new investors.

The deal is believed to have been struck at a valuation of close to $5 billion.

Swiggy was founded in August 2014 by Majety, Nandan Reddy and Rahul Jaimini. Majety and Reddy are engineers from BITS-Pilani while Jaimini is a graduate from IIT-Kharagpur.

The company has raised well over $2 billion across multiple rounds to date. It had raised more than $100 million last year after bagging $1.3 billion across three rounds in 2018 alone as the firm got investors to back it against its top competitor in India, Zomato.

Two months ago, Zomato had raised $250 million at a valuation of $5.4 billion. The company raised the money from five investors in a round led by Kora Management. Kora put $115 million. Fidelity Management & Research Co ($55 million), Tiger Global ($50 million), Bow Wave ($20 million) and Dragoneer ($10 million) brought the rest.

Dragoneer is a new investor while the others are existing backers of Zomato.

In December last year, Zomato had completed a staggered fundraise adding $660 million at a post-money valuation of $3.9 billion.

Pallavi S

error: Content is protected !!
The Capital Quest