India-based food delivery service Swiggy has raised $800m from investors including Prosus Ventures, part of Prosus, the internet group spun off by media and e-commerce company Naspers, Times of India reported yesterday.
Falcon Edge, Goldman Sachs, Amansa Capital, Think Capital, Carmignac and Accel also participated in the round, which boosted the company’s post-money valuation to $5bn, according to a person familiar with the matter.
Swiggy runs an app where users can order food for delivery from local restaurants, and is one of two large players in the Indian market, along with Zomato, which raised $250m at a $5.4bn valuation in February this year.
Details of the round were garnered in an internal email from obtained by Times of India, which said: “We will now need to relentlessly invent and execute over the next few years to build an enduring company out of India.
“The food delivery business is the strongest it’s ever been, and we are now well on our way to drive continued growth over the next decade. In addition, some of our new bets like (grocery delivery service) Instamart are showing amazing promise while we have also made strides in setting up some of our other adjacencies for lift off very soon.”
The company had raised a total of $1.62bn as of a series I round featuring Prosus Ventures, internet group Tencent, consumer electronics producer Samsung and local services portal Meituan Dianping that valued it at $3.6bn and which stood at $156m as of April 2020.
Ark Impact Asset Management, Korea Investment Partners, Mirae Asset Capital Markets and Wellington Management Company also contributed to the series I round.
Swiggy’s earlier backers include Naspers,Tencent, Meituan Dianping and Wellington Management as well as DST Global, Coatue Management, Hillhouse Capital, Accel, Harmony Partners, Norwest Venture Partners, RB Investments and SAIF Partners.
