The Indian food delivery company, Swiggy is in discussions to raise nearly INR 1,393 Crore for the US-based PE company, Carlyle at a company valuation of $4.5 million, according to a media report.
Swiggy plans to use the money to grow its delivery fleet, expand beyond food to other segments and grow its hyperlocal offerings, people who were aware of the matter told the daily news, Mint.
In December 2018, Swiggy raised funds up to $1 billion from investment companies; the funding round was led by the existing financial backer, Naspers. Further, the Chinese company, Tencent had partaken in the funding round wherein Swiggy was priced roughly $3.3 billion.
If Carlyle invests in the food delivery company, Swiggy then it would be counted as the second investment of Carlyle in the country. Earlier on, the PE firm had invested in a logistics firm, Delhivery.
Swiggy was incorporated in 2014 and turned into a unicorn last year after crossing the threshold of $1 billion. Till now, the food delivery firm has raised $1.5 billion from numerous investment companies-- Naspers, Coatue Management, Accel, DST Global, to name a few.