Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO
SwiggyIPO comes days after Zomato closed its $1.3 billion IPO, which was oversubscribed by 38 times.
- The food delivery startup will look at acquisitions to expand its growth and further boost its grocery vertical.
- Both Zomato and Swiggy have raised about $3 billion dollars each, to date, from marquee investors.
View all Offers
View all Offers
- 54% OFF
Pigeon by Stovekraft Amaze Plus Electric Kettle with Stainless Steel Body, 1.5 litres boiler for Water, instant noodles, soup etc.₹ 549₹ 1195Buy On
- 56% OFF
Glun Multipurpose Portable Electronic Digital Weighing Scale Weight Machine (10 Kg - with Back Light)₹ 355₹ 798Buy On
- 51% OFF
Pigeon by Stovekraft Cruise 1800 watt Induction Cooktop (Black)₹ 1549₹ 3193Buy On
- 40% OFF
Prestige Electric Kettle PKOSS - 1500watts, Steel (1.5Ltr), Black₹ 749₹ 1245Buy On
- 42% OFF
Butterfly Jet Elite Mixer Grinder, 750W, 4 Jars (Grey)₹ 3333₹ 5795Buy On
Swiggy intends to use this funding to double down on its core business, make acquisitions and invest in its grocery delivery business Instamart. Besides this, the company will also focus on Swiggy Genie, a pickup-and-drop service.
TOP VIDEOS FOR YOUInterestingly, rival Zomato, too, aims to use the capital raised from its IPO to make acquisitions as well as formally enter the grocery delivery segment. The company has reportedly invested more than $100 million in grocery delivery business Grofers.
AdvertisementSwiggy has raised about $3 billion to date from investors like DST Global, Goldman Sachs,
Meanwhile, Zomato has raised about $2.1 billion to date from marquee investors like
Commenting on the latest fundraise, Swiggy’s chief executive and co-founder Sriharsha Majety said, “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.”
A part of this funding will also be utilised to enhance Swiggy’s capabilities in technology and artificial intelligence (AI). It will also strengthen teams across engineering, product, data science and analytics as well as supply chain for its newer initiatives.
“I believe the next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and our target segment for convenience grows to 500 million users,” Majety added.
YouTube acquires two-year old Indian video commerce startup simsim
AdvertisementGlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch
This toolkit will tell you if your phone is infected by the Pegasus spyware
- Canon’s new patent hints at a telephoto lens attachment for smartphones under development
- Kerala-based ESAF Small Finance Bank looks to raise ₹998 crore through IPO
- Meet BeachBot, a beach rover that uses AI to remove cigarette butts from beaches
- Amazon Prime Day 2021: Best deals and offers on health and household products
- Odisha’s temple town Puri becomes first Indian city with drinkable tap water available throughout the day