Indian food delivery service Swiggy The company is raising $600 million to $700 million in a round led by Invesco, which is set to close this month, according to people with knowledge of the matter.

While Invesco will pour in $200 million, other existing investors such as SoftBank Group Corp will also participate, the people said, asking not to be identified because the details are private. The deal, formally known as Bundled Technologies to Swiggy, is valued at about $10.5 billion, he said.

The Economic Times
Was the first to report about this potential deal on 28 September.

This exercise is likely to reduce the evaluation of online food delivery up to $10 billion to the company, which is more than double the valuation
Responsible for seven years old enterprise a few months agoAccording to the report of ET. If the deal is successful, Swiggy will be among the most valuable privately owned startups in India.

Fundraising is being seen as a re-rating exercise for the Bengaluru-based firm after arch rival
Zomato listing, reported ET. Gurugram-based restaurant discovery and food delivery currently has a market capitalization of around $16 billion.

Indian startups have raised nearly $10.9 billion in the quarter ended September, according to Venture Intelligence and PwC India, as China’s actions make the South Asian nation more attractive to global investors.

One of the people said that Swiggy is expected to come out with an initial public offering after about a year. Representatives for Swiggy and SoftBank did not immediately respond to emails seeking comment. Invesco declined to comment.

The company’s valuation has nearly doubled since it was valued at $5.5 billion in April. People said it would use the fresh cash to strengthen its grocery delivery business.

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