India's Swiggy doubles valuation to $10.7 bln in latest fundraise - sources | Reuters
SoftBank-backed (9984.T) Swiggy doubled its valuation to $10.7 billion in its latest funding round, two people familiar with the matter said, as booming demand for quick delivery of food and grocery in India drives up investments in the sector.
The food-delivery firm said on Monday it had raised $700 million in the fundraise that was led by U.S. investment firm Invesco (IVZ.N) and also included Baron Capital Group, Sumeru Venture, IIFL and Kotak. Existing investors Alpha Wave Global and Qatar Investment Authority also took part in the round.
Demand for delivery of food and groceries has accelerated in Asia's third-largest economy since the onset of the COVID-19 pandemic, prompting companies to expand their operations in the race to dominate the sector.
Swiggy had raised $1.25 billion in a SoftBank-led fundraising in July, which valued it at $5.5 billion. read more
No comments:
Post a Comment