`Investment to accelerate the growth of core business, new forays’
Bengaluru-based Swiggy, a food delivery platform, said it had raised $1.25 billion in funding, in a round led by SoftBank Vision Fund 2 and consumer internet firm, Prosus, on Tuesday.
The funding round saw participation from existing investors, Accel Partners and Wellington Management and also new investors including Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac.
This investment would further accelerate Swiggy’s multi-year strategy of growing its core business, (food delivery), and building new food and non-food adjacencies in 2021 and beyond, the company said in a release.
Swiggy would enhance its capabilities in technology and AI, and strengthen teams across Engineering, Product, Data Science and Analytics as well as in business and supply chain for its newer initiatives, it further 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,” said Sriharsha Majety, CEO, Swiggy. “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.”
“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,” he added.
“SoftBank has successfully backed multiple food delivery platforms globally and seen the value of providing high quality convenience to consumers,” said Munish Varma, Managing Partner, SoftBank Investment Advisers. “We are happy to partner with Swiggy as they increase their service offerings and daily consumer touchpoints in the rapidly developing digital economy.”
Source: Read Full Article