INSUBCONTINENT EXCLUSIVE:
Food delivery startup Swiggy said on Tuesday it has raised $1.25 billion in a funding round led by SoftBank's Vision Fund 2 and technology
investor Prosus as foreign funds raise their stake in local internet-based consumer firms.After the fund infusion, Swiggy will be valued at
$5.5 billion, technology news site TechCrunch reported
Swiggy did not immediately respond to Reuters request for comment on its latest valuation.Goldman Sachs and Qatar Investment Authority were
also among the notable investors in the latest fundraise.Last week, rival Zomato, backed by China's Ant Group, drew bids worth $46.3 billion
in a stock offering that was oversubscribed more than 38 times.Swiggy had raised $800 million in April earlier this year, according to local
media.Home delivery companies in India were hit by a sudden pandemic-related lockdown last year due to doubts about how the virus is
But as initial hesitancy in ordering in eased with customers avoiding going out to eat, both Zomato and Swiggy saw a rise in delivery
orders."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," Sriharsha Majety, chief executive officer at Swiggy, said.The Bengaluru-based firm has forayed into the online grocery delivery
through Instamart in the past year
It has also widened its pick-up and drop service, Swiggy Genie, which competes with the Google-backed hyperlocal courier startup Dunzo.
