Swiggy the Indian food delivery tech group just raised a whopping $700 million in a Series K funding round bringing its total valuation to a whopping $10.7 billion, surpassing that of rival Zomato.
Led by Invesco, the latest round comes just six months after Swiggy secured $1.25 billion to expand its South Asian operations.
It was valued at $5.5 billion in July.
The latest funding comes on the back of the company doubling its food delivery business gross order value.
Swiggy operates across 500 Indian cities and plans to invest the latest funding to expand its Instamart app, the company’s instant delivery service.
Instamart is projected to reach around $1 billion in GMV run rate this year.
“Our goal is to make Swiggy the platform that 100 million consumers can use 15 times a month,” said Justin Leverenz, CIO at Invesco Developing Markets Fund. “We will continue to invest in our people, products, and partners to create a positive impact on the ecosystem and accelerate the digital transformation in food and grocery delivery and other on-demand services.”
The food delivery market has seen significant growth over the last two years, driven by pandemic lockdowns.