Six months after raising $1.25 Billion in funding, Swiggy (India’s largest food delivery company) has raised $700 M in a new round funding to expand its services. This includes the instant-delivery service for the South Asian market.
A source familiar with the situation said that Invesco was the lead investor in the Series K round. This valued the startup’s seven-year-old business at $10.7 million. The startup’s headquarters are in Bengaluru. Swiggy received a valuation of $5.5 billion in July last year.
SWiggy is valued at $10.7 billion. This valuation surpasses its main competitor Zomato, which has a market cap of less than $10 million since last year.
Crunch reported that Invesco was in talks to invest $500 million in Swiggy. Swiggy’s successful year of growth saw it almost double its gross order value.
According to the startup Instamart will generate $1 billion annually in GMV each year within the next three quarters.
, which has more than 500 offices in India, announced last year that it would invest $700million to increase its range of services.
Zepto is a 10-minute delivery company based in Mumbai that received $100 million funding from the Y Combinator Continuity Fund in late 2013.
Blinkit is funded by Zomato. It was previously known as Grofers. SoftBank and Swiggy backed it. Last year, they switched to instant delivery.
Sriharsha Mjety, cofounder and CEO at Swiggy claims Instamart has achieved an average of 15 times per month usage by Swiggy’s 100 million users.”
According to Bernstein analysts, the market for Indian food services, estimated to be worth $97 billion by March 2026 is at risk.
India’s food service industry is large and expected to grow to $97 million by FY25. Due to rapid growth, organized food services would have a 55% market share by FY25. They project that 20% of the population will use the internet by FY25. The market will grow at 46% CAGR according to singhtechcrunch.
The expansion will be driven by new clients and expansion into smaller markets. Zomato reported that it had 10 million monthly transactions (MTU) in FY20. They expect a 5x increase to 50 millions users by FY25.
Amazon, a third-party supplier, has just entered Indian meal delivery, but the American ecommerce company has not made significant progress in this area, as Zomato representatives pointed out last year in a public meeting.
Information about Indian Food Delivery Company Swiggy
Swiggy is a leader in online food ordering and delivery. Because of the quick delivery, people felt like everything was perfect.
People used to wait 45 minutes for their food to cook before they could get a bite. Swiggy, however, did an amazing job.
Food lovers are lucky to have the ability to eat at their favorite restaurants within 30 minutes and even their own homes. It works well and runs smoothly.
Swiggy delivers delicious food to your location in record time. It creates a happy board for both the restaurant and the driver partners. We could even say we have the best of both.