Online Food Delivery Startup Swiggy is eyeing to raise $250 million instead of $150-200 Mn as speculated earlier. This development has come into play at a time when the Bengaluru headquartered company is seeing intense investor interest that would help the firm to amp up its valuation and raise more money.
Major Technology giants such as Japanese Agglomerate SoftBank, Chinese Firm Tencent, DST Global and Alibaba are currently in talks with Swiggy though, an official confirmation has not emerged until now.
Earlier in February this year, the Food Startup had earlier raised a $100 (Rs 640 crore) million in a Series F round, one of its largest round so far led by Naspers.
According to some sources reported by Techcircle, a person familiar with the matter said, “The only factor which is going to decide who emerges the winner is the valuation and funding amount.
Swiggy has been successful in raising $255 million in external funding and its investors include Accel India, SAIF Partners, Bessemer Venture Partners and Norwest Venture Partners.
Swiggy was founded by an IIT-IIM Alumnus trio in August 2014 including Nandan Reddy, Rahul Jamini and Sriharsha Majesty. Today it competed with rivals such as SoftBank owned Foodpanda, Alipay backed Zomato and FreshMenu in the food marketplace.
The company has reported a revenue of Rs. 133 crore for the financial year that ended on March 2017, an upfront Rs. 20 crore high from last year.