(Image source from: Livemint.Com)
Swiggy to Raise Funds up to 500 Million USD:- Online food delivery giant Swiggy is one of the leading delivery platforms of the country. They are currently in talks with a bunch of investors to pool out 500 million USD. This comes amid on-going competition with its rival Zomato to acquire the major share in the market. Swiggy had huge plans and they felt that the investment would vastly expand their business in the country. They are also in plans to introduce grocery deliveries which would double their market.
Korea Investment Partners, a South Korean based investment company is holding talks with Swiggy currently. Along with this, Mirae Asset Management, STIC Investments and Neoplux are the other investors who are holding talks to invest big in Swiggy. Naspers of South Africa is the major existing investor in Swiggy with 36% share and other investor happens to be Tencent. The investment of 500 million USD will be worked through a mix of primary and secondary equity.
Swiggy is in plans to use these funds to expand its business across other cities of the country as the food delivery business clicked instantly all over. All the major towns will soon see Swiggy deliveries if the investments work big time. Swiggy and Zomato are leading the list of delivering food.