Avendus Capital Advises Swiggy on Its USD 70 mn Fundraise LED by Invesco

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.

In the last few months, Swiggy has expanded Instamart, its quick commerce grocery service to 19 cities, while consistently working towards optimizing its selection and delivery time. Swiggy Genie, Swiggy’s pick up and drop service is currently present in 68 cities, while its meat delivery service, and daily grocery service, Supr Daily are present across all major Indian cities. It also launched Swiggy One, India’s first comprehensive membership program with benefits across food, groceries, and other on-demand services by Swiggy. With multiple growth catalysts in place to drive its continued expansion, Swiggy is well-positioned for 2022 and beyond.