HospitalityBiz India
Hotels FoodService Operations Ministry Associations Equipment Editorial HR Technology Technology Advisory Board Community
Follow us on Facebook Follow us on Twitter instagram
    Home > NewsTrack
NEWSTRACK

Swiggy valued at nearly USD 5 billion after raising USD 800 million

Thursday, April 8, 2021, 10:01 Hrs  [IST]

According to Mint, Foodtech startup Swiggy has raised $800 million in its latest Series J round of financing with Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac and Goldman Sachs joining as new investors, according to an internal memo sent by company founder Sriharsha Majety to employees.

The fundraise will leapfrog Swiggy’s valuation to more than $4.9 billion from its previous ascribed valuation of $3.6 billion in 2020, a person aware of the fundraise talks said, requesting anonymity.

The person said that sovereign wealth funds Singapore’s GIC Pvt. Ltd and Qatar Investment Authority (QIA) are also expected to join the ongoing round at a later stage, post which Swiggy is expected to close the fundraise.

Participation from GIC and QIA may swell the overall investment in the foodtech unicorn to almost $1 billion, the person said.

“Swiggy hasn’t closed the round yet since there might be additional interest from QIA and GIC. This funding comes at a time when foodtech has been recovering from the impact of the pandemic, and rival Zomato has also shored up funds," the person said.

“The fundraise was also very heavily oversubscribed given the very positive investor sentiment towards Swiggy. This fundraise gives us a lot more firepower than the planned investment for our current business lines. Given our unfettered ambition though, we will continue to seed/experiment new offerings for the future that may be ready for investment later. We will just need to now relentlessly invent and execute over the next few years to build an enduring iconic company out of India," Majety wrote in the memo to employees.

“The next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and our target segment for convenience grows to 500M (million) users over the period. Even globally, now everyone acknowledges the TAM (total addressable market) for the food delivery category and how it is still very, very early in India," he wrote.

Funds from the latest round may flow in multiple tranches, said a second person aware of the talks. The fundraise comes at a time when India’s foodtech industry has recovered from the onslaught of covid.

Meanwhile, Zomato, which is looking to launch its initial share sale in June, has raised close to $910 million recently at a valuation of $5.4 billion.

 
Print News Email News Back
Bookmark to Add to NewsvineNewsvine Bookmark with del.icio.usdel.icio.us Digg ItDigg
Add RSS to Add to Google Add to My Yahoo! Subscribe with Bloglines Subscribe
 POST A COMMENT
* Name :    
* Email :    
* Message :  
   
RELATED NEWS
»  My Tirth India partnered with over 800 hotels and transporters in India
»  Hong Kong Firm Strikes Biggest Single Hotel Deal in Australia for Record AUD530 Million
»  Swiggy announces acquisition of Dineout
»  Adonia Hospitality raises USD 1 million seed round from Pepperfry founders, aims to expand in packaged and frozen food from November 2021
»  Frasers Hospitality Trust Sold Sofitel Sydney Wentworth for AUD315 Million
»  MGM Resorts International and ORIX Corporation Joint Venture to Develop a Multi-billion Dollar Integrated Resort in Osaka Prefecture
»  VRO Hospitality raises USGD 3 million in CreedCap Asia-led Series A funding round
»  Oscars Hotel Group Acquires Brisbane Hotel for AUD50 Million
»  Salud Beverages raised USD 1.1 million that aided its robust expansion plans and diverse product portfolio
»  EDGE 2021 by Encovate - on a mission to upskill the next 10 million hospitality professionals
»  Diageo India Partners with National Restaurant Association of India (NRAI) to vaccinate the F&B trade under the Raising the Bar Programme
»  Swiggy, Anra Tech to launch first BVLOS drone delivery trials for food
»  Swiggy and Zomato resume delivery in Hyderabad after assurances from police top brass
»  Softbank founder Masayoshi Son picks Swiggy over Zomato, to invest USD 450- USD 500 million
»  Swiggy valued at nearly USD 5 billion after raising USD 800 million
»  Lavazza announces Revenues of over EUR 2 billion in 2020 and operating cash flow of EUR 125 million
»  Indian hospitality brand Jewel Classic Hotels, Karnal to invest 20 Million USD in International market
»  Delivery partners’ strike disrupts Swiggy service in Bhubaneswar
»  To combat Swiggy, Zomato etc, Kochi restaurant owners launch app
»  Sensex rallies nearly 1,000 pts as FM presents Budget 2021
 
CoverStory
Analysis
 
  The Indian Institute of Architects (IIA) Natcon 2020 virtual event concludes successfully
  Winners of The Park Elle Décor Student Contest felicitated at Indian Design ID 2020
 
weekly
Receive the best of Hospitality content in your mailbox.
Weekly e-Newsletter
Events Calendar




Events
 
 
people
interview
newappoint
expert
© Copyright 2016 Saffron Synergies Pvt Ltd
HOME   |   ABOUT US   |   CONTACT US   |   FEEDBACK   |   DISCLAIMER   |   SITE MAP   |   ARCHIVES