Swiggy to close $700-800 million funding round

Author: Damini Chandankar

Online food delivery platform Swiggy is in cutting edge negotiations to close a $700-800 million funding round drove by sovereign wealth funds Qatar Investment Authority with participation from GIC of Singapore along with global alternative asset manager Falcon Edge.

Online food delivery, similar to an e-commerce in India, witnessed a gigantic disruption when India reported its lockdown toward the finish of March 2020. In any case, with the government announcing food delivery as an essential service, players, for example, Swiggy and Zomato had the opportunity to get their firms running.

By the end-of-year 2020, both Swiggy and Zomato were witnessing a solid increase in demand. Both the organizations said they had seen most noteworthy levels of Daily orders on December 31, including restaurants that in any case saw a drop in dine-in customers because of local curfews executed in numerous states.