Swiggy, the foodtech unicorn, has secured $700 million from Invesco, six months after raising $1.25 billion. Swiggy is now worth $10.7 billion, up from $5.5 billion previously.
This investment comes at a time when food and online grocery are becoming more popular, and consumer demand for Swiggy’s services is increasing.
While the food delivery business has nearly doubled in gross order value (GOV) in the previous year, Swiggy claims that new funding will allow the company to accelerate growth on its core platform and make significant investments in Instamart.
Instamart is expected to attain a $1 billion annualised GMV run rate in the next three quarters, according to the company.