Swiggy raised $800 mn at a valuation of $5 bn
At a time when rival Zomato is prepping up for an IPO, rival Swiggy has announced a fund raise of $800 mn from global alternative asset manager Falcon Edge Capital, Singapore-based fund management firm Amansa Capital and US-based private investment firm Think Capital. French asset management firm Carmignac and Goldman Sachs have also joined the round along with existing investors such as Prosus and Accel. Post fundraiser, the company values at a whopping $5 bn mark.
“The fundraise was also very heavily oversubscribed given the very positive investor sentiment towards Swiggy...This fundraise gives us a lot more firepower than the planned investment 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 investment later. We will just need to now relentlessly invent and execute over the next few years to build an enduring iconic company out of India," said Majety in the note to employees.