On Monday, Swiggy announced that it raised $700 million in a new funding round led by Invesco. Baron Capital Group, Sumeru Venture, IIFL and Kotak were new investors who participated in the latest funding round.

• Orient Cables Eyes Rs 3,500 Crore Revenue By FY30
• Bangladesh Resumes Indian Wheat Purchases as Black Sea Disruptions Lift Prices
• Central Railway Recovers Rs 140 Crore In Ticket Fines
• Cosmic CRF Unit Bags Rs 25.94 Crore Combined Orders
• Arivihan in Talks to Raise Rs 96 Crore at Rs 570 Crore Valuation

Swiggy said existing investors like Alpha Wave Global, Qatar Investment Authority, Ark Impact, Prosus also participated in the round.

Backed by the likes of SoftBank Group Corp., Swiggy is among a slew of Indian startups disrupting traditional industries as more consumers venture online. It competes with fellow unicorn Zomato Ltd., which went public this year in a $1.3-billion initial public offering.

“While the food delivery business has nearly doubled in gross order value (GOV) in the last year, this fundraise will enable Swiggy to further accelerate growth on the core platform and make meaningful investments to grow Instamart,” Swiggy said in a statement.