Online food delivery platform Swiggy has raised $700 million led by Invesco.
Swiggy will utilize the funding to scale its business along with giving a boost to its quick-commerce grocery service Instamart.
In the last few months, Swiggy has expanded Instamart to 19 cities, as grocery delivery becomes the next big thing in the country.
“The GMV our food delivery business achieved in 40 months, took Instamart 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers,” said Sriharsha Majety, CEO of Swiggy.
The new Series K round also saw participation from Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital.
Swiggy had raised $1.25 billion six months ago.
Swiggy’s existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus also participated in the round.
Instamart remains well-positioned to continue to lead the emerging quick commerce grocery space and is set to reach an annualized GMV run rate of $1 billion in the next three quarters.