Online Food Order Delivery Platform Swiigy on Tuesday announced that it will be raising 9345 Crore Rupees from Its Existing Investors Prosus and Soft Bank Vision Fund II. According to Sources After this Funding Valuation of Swiggy Will be 5.5 Billion USD. In Indian Currency, it is Rs Rs 41,125 Crore.
Recently Swiggy’s Competitor Zomato has Bring Out its company’s IPO. The Valuation of Zomato From this IPO Comes out to be Rs 64,365 Crore. In A Statement Swiggy, its Existing Investors Proses and Accel Partners, and Wellington Management participated in this Funding. This is the First Investment by Softbank Vision Fund II in the Indian Food Delivery Category.
Indian Food Delivery Market is Vast – Harsh Majety,CEO Swiggy
Harsh Majety, CEO of SWiggy Said that ” The participation of some of the most visionary global investors reflects Swiggy’s mission and its ability to create a sustainable and prestigious company outside India. Will continue to invest aggressively to grow.
This Funding will be Invested in Non-Food Section
Manjety tells that “Our biggest investment will be in our non-food businesses, which have grown tremendously in a short span of time, especially in the last 15 months. It will be helpful in the development of business. For this, the company will enhance its capabilities in technology and artificial intelligence (AI) and strengthen teams in engineering, product, data science, analytics, and supply chain.”