Swiggy becomes India’s Latest Decacorn With a Valuation of $10.7 Billion
The online food delivery platform, Swiggy has surpassed Zomato with its recent $700 million funds. The information came out through the plunge stock market that included that the company was valued at $10.7 billion in the latest round.
With its valuation crossing the mark of $10 billion, Swiggy has now become a Decacorn. The latest funding round of the company was led by US-based investment firm Invesco. Meanwhile, the shares of Zomato dropped below 100 earlier this week taking the share value to an all-time low of Rs 91 and the market cap came down to Rs 71,629.
A Decacorn is a company valued at or more than $10 billion.
The chief executive officer of Swiggy, Sriharsha Majety has said that Instamart took only 17 months to achieve GMV with the help of platform benefits of Swiggy. He also said that the company will double down to build more categories in line with the mission of offering convenience to Indian consumers. Instamart is a quick commerce arm of Swiggy that claims to deliver groceries within 15-30 minutes.