Swiggy Value At $10.7 Billion

Swiggy just raised $700 million from investors at a valuation of $10.7 billion. The SoftBank-backed Indian food-delivery platform will use the cash to expand its on-demand grocery services which are in high demand right now. The start-up had already raised more than $1.25 billion just six months ago, so it's burning through cash pretty quickly.

Swiggy was founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini with the goal of connecting customers with restaurants. Today, the company operates across 19 cities, and the goal is to evolve the company into a platform with over 100 million consumers buying goods, groceries and other essentials at least 15 times a month.

The food-delivery business almost doubled its orders in the past year, and their Instamart offering now aims to dominate the rapid grocery market. Instamart is set to reach an annualised gross merchandise value run rate of $1 billion in the next three quarters. Why do I find this company interesting? Prosus has a stake in it!