Bengaluru: Food delivery company supported by Softbank Swiggy said that on Monday it collected $ 700 million in the funding round led by US Investment Investment Companies, because competition intensified for the third largest fast food and food ingredients in Asia.
Baron Capital Group, Sumeru Venture, IIFL and box are among new investors who participate in the latest funding rounds.
Investors who already exist in Swiggy who participated in the round include Alpha Wave the authority of global investment and Qatar.
“While the food delivery business is almost double the value of the gross order (GOV) last year, this fundraising will allow Swiggy to accelerate growth on the core platform and make meaningful investments to grow Instamart,” Swiggy said in a statement.
Swiggy said the shopping delivery service was installed on track to reach the rate of annual gross goods run value of $ 1 billion in the next three quarters.
Instamart competed with Bigbasket owned by Tata, Grofers, Amazon.com Inc.
Fresh and Reliance Industries’ Jiomart.
In Grofers, a large rival Swiggy Zomato Ltd.
holds shares.
Earlier this month, Retail Reliance Industries invested $ 200 million for 25.8 percent of shares in the Dunzo online delivery platform.