- Investors including Falcon Edge Capital, Goldman Sachs, Amansa Capital, Think Capital, participated in the funding round.
- Recently, Swiggy has allotted equity shares to its leadership team under its company's ESOPs plan.
- Previously, It had raised $43 million from Tencent Holdings, Samsung Ventures, Korea Investment Partners, among others.
Bengaluru-based foodtech company Swiggy in a mail to its employees said, it has raised $800 million (about Rs 5,865 crore) in a Series J funding round led by a group of new investors, including Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac, and Goldman Sachs.
The round also saw participation from existing investors --- Prosus Ventures and Accel Partners. The story was first reported on Twitter by Journalist Digbijay Mishra. According to the mail sent to employees, Swiggy will use the funding to continue start/experimenting new offerings and expanding growth in the market.
The new funding round was oversubscribed due to the strong comeback following pandemic lockdown. Although the new valuation wasn't disclosed, it is estimated that the valuation could touch nearly $5 billion, making it the most valued foodtech startup in the country after Zomato.
The funding announcement comes at a time when Zomato is gearing up for its IPO (Initial Public Offering) launch this year. Last year, Zomato has raised over $1.2 billion in funding, while Swiggy had raised around $156 million in funding.
Prior to this round, Swiggy had raised $43 million in a Series I funding round in April 2020, co-led by Tencent Holdings, Samsung Ventures, Korea Investment Partners, ARK Impact, and Mirae Asset Capital, at a valuation of $3.7 billion. Considering the current funding round, the company has raised over $2.2 billion in its funding rounds.
“We’re coming out of a very hard phase during the last year given COVID-19 and have weathered the storm, but everything we do from here on needs to maximize the chances of our succeeding in the long-term,” wrote Sriharsha Majety, Co-Founder & CEO of Swiggy.
“Overall, between the offerings that are scaling fast now and the pipeline we have, our vision for unparalleled convenience will come to life in a very big way over the next few quarters,” he said.
In a recent development, Swiggy has allotted equity shares to its leadership team under its Employee Stock Ownership Plan (ESOPs).
Swiggy counts ARK Impact, Prosus Ventures, Meituan, Wellington Management, Korea Investment Partners, Norwest Venture Partners, Bessemer Venture Partners, Accel Partners, Harmony Partners, DST Global, Coatue, among others, as investors.