Swiggy valuation at $5 billion, gets $800 million in a funding round
By Sanjay Kumar
News Highlights
- The internal email was written by company founder Sriharsha Majety to employees highlights the company valuation at $5 billion.
- Online food delivery company Swiggy has raised $800 million in its latest Series J fundraise round.
- The company gets nearly $800 million in the latest Series J fundraise round led by investors like Falcon Edge, Amansa Capital, Think Investments, Carmignac, and Goldman Sachs.
After raising $800 million, Swiggy valued at $5 billion
The Online food delivery company Swiggy has raised $800 million from investors led by Amansa Capital, Falcon Edge, Think Investments, Carmignac, and Goldman Sachs, the company said to employees in an email.
Swiggy to close $800 million in its latest Series J fundraise round of financing. The funding will leapfrog Swiggy valuation at $5 billion from its 2020 valuation of $3.6 billion. according to the internal email written by company founder Sriharsha Majety to employees.
Majety mentioned, the company will use the new capital to raise its growth in its existing businesses and also help to seed new ones, as the convenience delivery segment increasing to half a billion users over the next 10 years.
” In recent years, we have seen various challenges to drive a strong recovery in the food delivery industry with a clear track to profitability,” Sriharsha Majety said.
He also highlights that the business of food delivery is the strongest it’s ever seen & currently, the company continues its aims to drive growth in coming decades.” Majety further said that the company’s hyperlocal grocery delivery service shows an amazing promise.
Rising Food Delivery Business in India
The company operates around 500 cities worldwide. Its technology, investment, the density of restaurants, vast network, and learnings from over 1 billion delivered orders continuously make its food services better. It is also developing new offerings to customers like concierge services and essentials services on-demand.
While people were staying at home in lockdown Zomato and Swiggy lead the food business. Zomato served 4,254 orders every minute during peak time and Swiggy recorded 5,500 orders at the peak time. Food companies rapidly coming out from the pandemic SHADOWS.
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