Swiggy in talks for $700-800 million financing: Report
Swiggy is reportedly in advanced discussions for a financing round led by sovereign wealth fund Qatar Investment Authority, with participation from Singapore's GIC and global alternative asset manager Falcon Edge.
February 12, 2021 / 08:59 AM IST
Swiggy is eyeing a $700-800 million funding round, which might raise the company's valuation to around $5 billion.
Swiggy is in advanced discussions for a financing round led by sovereign wealth fund Qatar Investment Authority, with participation from Singapore's GIC and global alternative asset manager Falcon Edge, The Economic Times reported.
The financing round will also see participation from other new investors and existing investors of Swiggy, the report said.
The investment will help Swiggy "build a war chest of a little under $1 billion", sources told the publication.
Moneycontrol could not independently verify the story.
Swiggy, QIA, GIC, and Falcon Edge had not yet responded when contacted by The Economic Times.
According to the report, the company's post-money valuation after the transaction, which was mentioned earlier, will include the primary capital raised during the current financing round.
In February 2020, Swiggy had raised $158 million in a fundraising round led by Naspers, which valued the company at around $3.7 billion.
"The need for cash has come down very meaningfully," Sriharsha Majety, CEO of Swiggy said at an event in January, as quoted by The Economic Times.