Swiggy is now valued more than Zomato

• Swiggy is now India’s latest decacorn after raising $700 million in its latest round.
• Zomato is now valued under $10 billion as its shares dropped below the ₹100-mark earlier today.
• A whole host of new investors participated in Swiggy’s latest venture capital funding round.

Food and grocery delivery giant Swiggy has surpassed rival Zomato’s valuation as it raised $700 million. This development was aided by the plunge stock market took on Monday, January 24.

Swiggy was valued at $10.7 billion in this latest round, a source close to the deal told Business Insider. The company, which was founded in 2014, has not officially announced the valuation.

While Swiggy has attained the decacorn title, Zomato has lost it as its shares dropped below the ₹100 mark earlier today. The company’s shares hit an all-time low of ₹91 and its market cap came down to ₹71,629 ($9.6 billion).

A decacorn is a company valued at or more than $10 billion.

Swiggy’s latest funding round was led by US-based investment firm Invesco in a fresh round of external funding, the company has announced. New investors such as 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 participated in this financing round.

The company’s existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, and Prosus also participated in the round, Swiggy said in a press note.

“The GMV [gross merchandise value] our food delivery business achieved in 40 months, took Instamart just 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 Swiggy’s Chief Executive Officer (CEO) Sriharsha Majety in a statement.

Instamart is Swiggy’s quick commerce arm, which delivers groceries within 15-30 minutes.

In July last year, Swiggy had raised $1.25 billion led by SoftBank and Prosus.

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