Existing investors such as Accel Partners and Wellington
Management too participated in the round. In addition, new investors such as
Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs,
Think Investments and Carmignac joined the latest fundraising.
The participation of some of the most visionary global
investors is a huge vote of confidence in Swiggy’s mission, Sriharsha Majety,
CEO, Swiggy, said. He also highlighted that the scope of food delivery in India
is massive. “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,” he stated.
Majety is of the belief that the next 10-15 years offer
matchless opportunity for companies like Swiggy as the Indian middle class
expands and the target segment for convenience grows to 500 million users.
Along with its traditional food delivery business, Swiggy
has also expanded its pick-up and drop service, strengthened grocery delivery
service. This investment will further accelerate Swiggy’s multi-year strategy
of growing its core food delivery business and building new food and non-food
adjacencies in 2021 and beyond, the company said.
“SoftBank has successfully backed multiple food delivery
platforms globally and seen the value of providing high quality convenience to
consumers. Swiggy’s focus on evolving the consumer experience, and its emphasis
on relationships with its delivery partners and restaurants, have made it a
household brand in India. We are excited to partner with Swiggy as they
increase their service offerings and daily consumer touchpoints in the rapidly
developing digital economy,” Munish Varma, managing partner, SoftBank
Investment Advisers said.
As a long-term investor in Swiggy, Prosus Food is
continually impressed by the solid business that Swiggy has built, Larry Illg,
CEO, Prosus Food, said. “Prosus has one
of the most comprehensive views of food delivery globally given the reach of
our portfolio and Swiggy continues to exhibit strong execution and has one of
the best operational teams in food delivery globally. We are confident Swiggy
is on a path to build one of the most admirable Indian companies, positively
affecting the lives of Indian consumers on a daily basis,” Illg added.
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