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QIA Participates in Swiggy Fundraising

1/24/2022

India's leading on-demand convenience platform, today announced that it has raised $700 million in new funding led by Invesco. The round also saw participation from a host of new investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital. Swiggy's existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus also participated in the round. This investment comes at a time when the adoption of food and online grocery is accelerating and the consumer demand for Swiggy's many services continues to grow.

While the food delivery business has nearly doubled in gross order value (GOV) in the last year, this fundraise will enable Swiggy to further accelerate growth on the core platform, and make meaningful investments to grow Instamart. Instamart remains well-positioned to continue to lead the emerging quick commerce grocery space and is set to reach an annualised GMV run rate of  USD 1 billion in the next three quarters. The company will also further strengthen its investments in the broader ecosystem.​