Swiggy to raise fresh funds from Carlyle Group
Food delivery unicorn Swiggy is in talks to raise money from US-based private equity fund Carlyle Group.
If Carlyle does invest, it would mark only its second Indian technology start-up bet, after backing e-commerce logistics firm Delhivery—first in 2017 and later in March this year.
Carlyle could invest up to $200 million at a valuation of $4.5 billion which Swiggy (Bundl Technologies Pvt. Ltd) is seeking, a jump from the $3.3 billion it was valued at in December.
Founded in 2014, Swiggy became a unicorn last year. The Bengaluru-based firm has so far raised $1.5 billion from several investors, including DST Global, South Africa’s Naspers, New York-based hedge fund Coatue Management and venture capital firms Accel and Norwest Venture Partners.
Swiggy plans to use the funds to grow its delivery fleet, expand beyond food to other delivery services and ramp up its hyperlocal offerings.