Exclusive: Swiggy in talks to raise $300 Mn in a potential downround
29 October 2024
Amidst its preparation for an IPO, food delivery giant Swiggy is in early-stage talks to raise fresh capital through an internal round, said two people aware of the details of the ongoing discussions.
“Existing investors such as SoftBank, Prosus and Alpha Wave and others are in conversations to put in around $300 million in Swiggy,” said one of the sources requesting anonymity. “The talks are preliminary and may take several months to materialize.”
The new money is likely to be deployed towards growing its quick commerce business and new initiatives such as Minis, which is essentially an e-commerce marketplace that enables local businesses to showcase their offerings to Swiggy users.
Sources say the new round could be a downround with the valuation potentially being slashed to the tune of 30%.
Swiggy was valued at around $10.7 billion in its last fundraise in January 2022. Invesco, the lead investor in the round, slashed the firm’s valuation by 25.2% to $8 billion in March this year.
Amidst its preparation for an IPO, food delivery giant Swiggy is in early-stage talks to raise fresh capital through an internal round, said two people aware of the details of the ongoing discussions. “Existing investors such as SoftBank, Prosus and Alpha Wave and others are in conversations to put in around $300 million in Swiggy,” said one of the sources requesting anonymity. “The talks are preliminary and may take several months to materialize.” The new money is likely to be deployed towards growing its quick commerce business and new initiatives such as Minis, which is essentially an e-commerce marketplace that enables local businesses to showcase their offerings to Swiggy users. Sources say the new round could be a downround with the valuation potentially being slashed to the tune of 30%. Swiggy was valued at around $10.7 billion in its last fundraise in January 2022. Invesco, the lead investor in the round, slashed the firm’s valuation by 25.2% to $8 billion in March this year.
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