Indian food delivering platform, Swiggy, announced that it raised funds worth $1.25 billion in two portions to take its valuation to a whooping $5.5 billion.
The first portion was of $800 million that was raised in the beginning of this year from multiple new investors namely Falcon Edge Capital, Quatar Investment Authority then there was Goldman Sachs and Amansa Capital.
The second portion was invested by SoftBank Vision Fund. The Competition Commission of India (CCI) very recently reported that they cleared funds worth $450 million as investment in Swiggy by Softbank.
The funds raised are not only going to be utilized in growing its core food delivery business but also build on its non-food segments on a massive scale.
When the pandemic struck the company saw major opportunity in these turbulent times and grabbed them by the neck. Swiggy diversified its operations in a very large scale.
The company started pick up and drop delivery services through Swiggy Genie for over the counter medications, home cooked meals, documents and other essential items from various supermarkets, stationery shops and pet stores.
Swiggy even holds a bullish or dominant position when it comes to delivery of e-grocery through its Instamart and also started a subscription based meat and milk delivery vertical through Supr Daily.
“The participation of some of the most visionary global investors is a huge vote of confidence in Swiggy’s mission and ability to build an enduring and iconic company out of India,” Sriharsha Majety, the CEO of Swiggy said.
“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. We are going to go aggressive just not on discounting but also on our own investments in non-food and food. That was the plan and that will be the plan.”