Total amount raised
$3.8 Billions
Latest funding date
Location
Title
Swiggy has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers a comprehensive food and grocery delivery service, catering to a wide range of customer needs.
Keep reading to explore the intricacies of Swiggy's fundraising journey and the investors backing this innovative platform.
What Is Swiggy?
Swiggy, founded on August 1, 2014, in Bangalore, Karnataka, India, is a leading food and grocery delivery platform. The company was established by Nandan Reddy, Phani Kishan Addepalli, Rahul Jaimini, and Sriharsha Majety.
Swiggy offers a comprehensive range of services, including on-demand food delivery from local restaurants, grocery delivery through Instamart, and various other delivery solutions. The platform has grown significantly since its inception.
With a workforce of over 10,001 employees, Swiggy continues to expand its reach and enhance its service offerings, making it a prominent player in the food and grocery delivery industry.
How Much Funding Has Swiggy Raised?
- Series G
- Amount Raised: $210M
- Date: June 2018
- Lead Investors: DST Global, Prosus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance service offerings.
- Series H
- Amount Raised: $1B
- Date: December 2018
- Lead Investors: Prosus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and support growth in the food delivery sector.
- Series I
- Amount Raised: $113M
- Date: February 2020
- Lead Investors: Prosus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological infrastructure and expand service capabilities.
- Series I
- Amount Raised: $43M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and ensure business continuity during the pandemic.
- Series J
- Amount Raised: $800M
- Date: April 2021
- Lead Investors: Alpha Wave Global, Amansa Capital, Carmignac, Goldman Sachs, Think Investments
- Valuation at Round: $3.6 billion
- Motivation Behind the Round: To expand Instamart and other delivery services.
- Series J
- Amount Raised: $450M
- Date: July 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $5.5 billion
- Motivation Behind the Round: To support overall growth and expansion.
- Series J
- Amount Raised: $700M
- Date: January 2022
- Lead Investors: Invesco
- Valuation at Round: $10.7 billion
- Motivation Behind the Round: To accelerate growth on the core platform and invest in Instamart.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: August 2024
- Lead Investors: Amitabh Bachchan’s family office
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand service offerings and market reach.
- Secondary Market
- Amount Raised: ₹30M
- Date: September 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Secondary Market
- Amount Raised: $200M
- Date: October 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Swiggy has raised a total of $4.266 billion with a current valuation of $10.7 billion.
Key Investors
- Invesco
- Details: Invesco is a global investment management firm headquartered in Atlanta, Georgia. It manages a broad range of investment strategies across asset classes.
- Investment Focus Areas: Equities, fixed income, alternatives.
- Notable Investments: Apple, Microsoft, Amazon.
- Prosus Ventures
- Details: Prosus Ventures is a global consumer internet group and one of the largest technology investors in the world. It is a subsidiary of Naspers, a multinational consumer internet group.
- Investment Focus Areas: Consumer internet, technology, e-commerce.
- Notable Investments: Tencent, Delivery Hero, OLX.
- Alpha Wave Global
- Details: Alpha Wave Global, formerly known as Falcon Edge Capital, is a global alternative asset manager. It focuses on private equity and venture capital investments.
- Investment Focus Areas: Technology, growth-stage companies, private equity.
- Notable Investments: Uber, Ola, PolicyBazaar.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank Group. It is one of the largest technology-focused venture capital funds in the world.
- Investment Focus Areas: Technology, artificial intelligence, robotics.
- Notable Investments: WeWork, Uber, ByteDance.
- Qatar Investment Authority
- Details: Qatar Investment Authority (QIA) is the sovereign wealth fund of Qatar. It invests in a diverse range of sectors globally.
- Investment Focus Areas: Real estate, technology, infrastructure.
- Notable Investments: Volkswagen, Barclays, Harrods.
What's Next for Swiggy?
Swiggy's future is brimming with opportunities, particularly in expanding its quick commerce grocery service, Instamart. With a goal to reach a $1 billion GMV run rate in the next three quarters, the potential for growth is immense. The company also aims to strengthen its core food delivery business and explore new categories, positioning itself as a platform used by 100 million consumers 15 times a month.
Given the booming demand for quick delivery services, Swiggy is well-placed to attract further investments. The recent $700 million funding round led by Invesco underscores investor confidence. Future fundraising efforts could support continued expansion and help Swiggy maintain its competitive edge in a rapidly growing market.
However, Swiggy faces significant challenges, including intense competition from players like Zomato, BigBasket, and Amazon Fresh. Managing operational costs and logistics efficiently while scaling services will be crucial. Additionally, market volatility and cautious investor sentiment could impact future valuations and fundraising efforts.
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