New Delhi: Swiggy today announced the closing of a USD 1.25 billion, as estimated over Rs 9,357 crore, fundraise. The fundraise was led by SoftBank Vision Funds 2 and its long-term investor Prosus. This has come days after Swiggy’s rival Zomato witnessed a mega Initial Public Offering (IPO) last week. Prosus is one of the largest technology investors in the world, according to an IANS report.
Swiggy Fund Raise, Swiggy Funding 2021
- Swiggy said that the fresh investment will further accelerate its multi-year strategy of growing its core food delivery business and building new food and non-food adjacencies in 2021 and beyond, as it expects the total addressable market for convenience to grow to 500 million users in the next decade, as per the IANS report.
- The food delivery platform said it will enhance its capabilities in technology and artificial intelligence (AI), and strengthen teams across engineering, product, data science and analytics as well as in business and supply chain for its newer initiatives, the IANS report.
- “The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category. Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a short span, especially in the past 15 months of the pandemic,” Sriharsha Majety, CEO, Swiggy, was quoted as saying by IANS.
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