India

Avendus Capital advises Swiggy on its USD 700 million fundraise led by Invesco

Six months after raising USD 1.25 billion, the new fundraise also sees increased participation of institutional investors both in India and globally.

Swiggy, India’s leading on-demand convenience platform, today announced that it has raised USD 700 million in new funding led by Invesco. The round also saw participation from a host of new investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital. Swiggy’s existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus also participated in the round. This investment comes at a time when the adoption of food and online grocery is accelerating and the consumer demand for Swiggy’s many services continue to grow.

Avendus Capital was the financial advisor to Swiggy on the transaction.

“As long-term investors, the Invesco Developing Markets fund seeks investment opportunities in the best companies in the world, led by world-class management teams, and that have the potential for long-term structural growth,” said Justin Leverenz, Chief Investment Officer, Invesco Developing Markets Fund. “Our investment in Swiggy represents such an investment.”