Food and grocery delivery platform Swiggy now becomes country’s fourth decacorn, a start-up firm valued at $10 billion or more. The company achieved this mile stone recently when it raised $700 million. For this fund-raising Swiggy’s valuation was at $10.7 billion. This Fund-raising was lead by Invesco. Before Swiggy, there are only 3 entities to achieve this goal. They are: Paytm, Oyo, and Byju’s.
On the other hand, the on-going sell-off in equity markets made several new-age tech companies like Paytm, Policybazaar, CarsTrade and Zomato to correct sharply. While Swiggy’s valuations stood at $10.7 billion, its prime rival Zomato’s market cap now came below $10 billion. Now, Zomato’s market cap is at around $9.64 billion.
The company will use these funds to strengthen its on-demand businesses such as Instamart. These non-food businesses account for over quarter of its business volumes.
Now, Swiggy has to compete with Zomato’s Blinkit (aka Gofers), Reliance-backed Dunzo, Amazon, Flipkart, Zepto, and Tata Group’s Big basket.