Swiggy becomes Decacorn with a Valuation of $10.7 Billion

Swiggy has raised $700 million in its latest funding round led by Invesco. The valuation of the company after the funding round came out to be $10.7 billion making it a Decacorn. Swiggy has taken over multiple companies.The food delivery business has nearly doubled the gross order value during last year. It allowed Swiggy to grow the business by making meaningful investments. It also launched a quick commerce grocery service platform called Instamart.Swiggy will use the raised funds to strengthen its investments in the broader ecosystem. The CEO and co-founder Sriharsha Majety has said that the company aims at having 100 million consumers.The company raised its valuation by more than 50% with a $1.25 billion fundraising in 2021 and also became the first investment in the category by SoftBank Vision Fund2. It has also expanded Instamart to 19 cities in the past few months.Swiggy currently provides its services in 68 cities, Its meat-delivery service and daily grocery service, Supr Daily are present in all major cities in the country.