Food-ordering and instant grocery delivery platform, Swiggy has signed a $700 million funding round led by asset manager Invesco. With this, the total valuation of Swiggy has reached to $10.7 billion i.e. it is now a decacorn. A decacorn is a startup with a valuation of more than $10 billion. Swiggy’s latest valuation is almost double that of Zomato before the latter went for its initial public offering. Zomato was valued at $5.4 billion before its IPO.
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Bengaluru-based Swiggy has overtaken budget hospitality company Oyo, whose valuation dropped to $8 billion in 2020 from $10 billion in 2019, and then increased to $9 billion in 2021. Swiggy has overtaken sports technology company Dream Sports, the parent firm of fantasy sports platform Dream11. This investment in Swiggy comes at a time when the adoption of food and online grocery is accelerating and consumer demand for Swiggy’s many services continues to grow.