Food delivery platform Swiggy has secured $800 million in funding at $5 billion valuation. The investment was received from Think Investments, Falcon Edge, Carmignac, Amansa Capital, and Goldman Sachs, among others.
“The fundraise was oversubscribed due to the strong recovery following pandemic-induced disruption,” said Sriharsha Majety in an email sent to employees.
“The fundraise gives us a lot more firepower than the planned investments 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 investments later,” he said.
“Over the last one year, thanks to all your efforts, we’ve managed to drive a strong recovery in the food delivery business with a very clear path to profitability. The food delivery business is the strongest it has ever been, and we are now well on our way to drive continued growth over the next decade,” Majety said.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.