Swiggy In Talks To Raise $500 Million In Their Third Round of Funding This Year
If you’ve ever ordered food online (which is most of us, let’s face it) chances are, you’ll know that Swiggy has been killing the game. Swiggy recently started a rewards programme, and they’ve also bought Scootsy as well! However, they ain’t done yet! Swiggy is now in talks to raise up to $500 million in their third round of funding for this year – and we’re still in August!
The Bengaluru-based company will hit a valuation of up to $2.5 billion after this round of funding, according to ETRetail! In July, the Food Tech company was offered at least one term sheet with an estimated valuation of $2.5 billion.
Sources familiar with the information said that Swiggy could raise anywhere between $250 million and $500 million in this round of funding! Swiggy held talks with a host of new investors including SoftBank, growth equity firm General Atlantic and a couple of Chinese hedge funds for the new round. According to sources, the Chinese funds are probably Tybourne Capital and Hillhouse Capital.
In any case, it’s quite evident that Swiggy is certainly going to be able to give other food delivery companies like Zomato, and UberEats a run for their money – literally!