Form of words:
Mumbai: According to people with knowledge of the matter, Indian food delivery service Swiggy is raising $600 million to $700 million in a round led by Invesco, which is due to close this month.
While Invesco will pour in $200 million, other existing investors such as SoftBank Group Corp will also participate, the people said, asking not to be identified because the details are private. The deal, formally known as Bundle Technologies Pvt to Swiggy, is valued at around $10.5 billion, he said.
Indian startups have picked up $10.9 billion According to Venture Intelligence and PwC India, in the quarter ended September, as China’s actions make the South Asian nation more attractive to global investors. Bangalore-based Swiggy competes with the likes of Zomato Ltd, which is backed by Ant Group Company.
One of the people said that Swiggy is expected to follow Zomato with an initial public offering in about a year or so. Representatives for Swiggy and SoftBank did not immediately respond to emails seeking comment. Invesco declined to comment.
The company has seen its valuation nearly double since it was rated $5.5 billion in April. It will use the new cash to strengthen its grocery delivery business, the people said.bloomberg
Read also: Snapdeal plans to file Rs 1900 crore IPO early next year
subscribe our channel youtube And Wire
Why is the news media in crisis and how can you fix it?
India needs independent, unbiased, non-hyphenated and questionable journalism even more as it is facing many crises.
But the news media itself is in trouble. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, crude prime-time spectacle.
ThePrint has the best young journalists, columnists and editors to work for it. Smart and thinking people like you will have to pay a price to maintain this quality of journalism. Whether you live in India or abroad, you can Here,