Swiggy raises $1.25 bn in funding round led by SoftBank Vision Fund, Prosus; to be valued at $5.5 bn

“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. 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,” said Sriharsha Majety, CEO, Swiggy.

Majety believed that the next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class will expand and their target segment for convenience will grow to 500 million users. “I am confident that we will continue to achieve new growth milestones while holding the responsibility to build a vibrant ecosystem for millions of consumers, as well as our restaurant and delivery partners,” he added.

Swiggy was founded in 2014 and it connects consumers to over 1,50,000 restaurant partners and stores in over 500 cities. The company is fast scaling up its non-food categories. Its instant grocery delivery service, Instamart, is growing rapidly, according to the company. Swiggy has also expanded its pick-up and drop service, Swiggy Genie, to 65 cities. Supr Daily, Swiggy’s daily grocery delivery service, is also present across major Indian cities.

Munish Varma, Managing Partner, SoftBank Investment Advisers, said, “SoftBank has successfully backed multiple food delivery platforms globally and seen the value of providing high-quality convenience to consumers. Swiggy’s focus on evolving the consumer experience, and its emphasis on relationships with its delivery partners and restaurants, have made it a household brand in India. We are excited to partner with Swiggy as they increase their service offerings and daily consumer touchpoints in the rapidly developing digital economy.”

Larry Illg, CEO at Prosus Food, said, “As a long-term investor in Swiggy, we are continually impressed by the solid business that Swiggy has built, standing out amongst others in India. Swiggy has a steadfast commitment to delivering unparalleled service to consumers, fulfilling their needs across a range of services, while striving to be the most desirable platform for restaurants and delivery partners.”