Swiggy is finalizing a new financing round of about $500-600 million that is probably going to be led by US resource supervisor Invesco, as indicated by three individuals aware of the matter. The activity is probably going to launch the valuation of the online food delivery organization to as much as $10 billion, which is double the valuation ascribed to the seven-year-old venture a couple of months ago.
If the deal fructifies, Swiggy will rank among India’s most valued exclusive start-ups after edtech firm Byju’s and fintech major Paytm, which is scheduled to open up to the world in the near future.
The latest financing for Swiggy approaches closely following its arch-rival adversary Zomato’s guard IPO and is being viewed as a re-rating exercise for the Bengaluru firm that is as of now valued at $5.5 billion.
Invesco is probably going to furrow in about $150-200 million, while existing investors in Swiggy like Falcon Edge, SoftBank Vision Fund, Prosus (once Naspers) will pump in the remainder of the capital, as per individuals cited above.
As of late, Invesco drove a $100 million raise money in IPO-bound PineLabs, an enterprise-focused payments platform.