Swiggy Raises over $500 Million at more than $10 Billion Valuation for E-commerce Industry

Swiggy is a Bangalore-based online food order service. The network works in more than 500 Indian cities. Despite the food delivery service, the company has Swiggy Stores, and instant delivery service Swiggy Go. The service is useful for those who would like to deliver parcels for B2B and B2C clients.

The deal is not yet finalized; however, it is known that in the round following companies participated – Invesco, SoftBank Vision Fund 2, Falcon Edge Capital, and Prosus Ventures. Three months ago, Swiggy had an investment round and was managed to raise $1.25 billion at a $5.5 billion valuation.

Swiggy was founded in 2014 by Nandan Reddy, Sriharsha Majety, Rahul Jaimini. The service focuses on redefining order and delivery service in India. In the first month, they had only 35 orders, nevertheless, in a year Swiggy got its first financing – $2 million. At the beginning of 2019, the service worked in 100 cities, while at the end of the year it covered 500 ones. Swiggy partnered with 125 000 restaurants and has 5000 employees.

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