Swiggy has raised $1.25 billion in a funding round led by investor SoftBank Vision Fund 2 and Prosus. “The scope of food delivery in India is huge, and over the next few years, we will continue to invest aggressively into growing in this category,” Sriharsha Majety, Chief Executive Officer at Swiggy, said. Goldman Sachs and Qatar Investment Authority (QIA) were among the investors to join Swiggy’s fundraising.
“It is fascinating to have gotten the interest that we did as part of this round and have large investors like SoftBank. We had strong interest from investors like Proses. For us, it is an appreciation of the work we are doing in food delivery and the huge changes that exist for Swiggy to go after in the upcoming 10-15 years as we build on the beginnings we have made on convenience”, Majety said.
He also said Swiggy is planning to use these funds in three-four ways. It will continuously invest in expanding the food delivery category. But, an essential part of its investments will be going into building its non-food bets like Instamart. “We will be allotting a huge part of the funds to the M&A strategy. Many exciting companies are going underbuilt, and we want to understand and see how we can partner together to drive stronger growth,” Majety added.