A debate over Zomatos true valuation has divided not just Dalal Street, but also many prominent voices from across the world. Some say there is no sense in investing in such a company, while others believe it will be a multibagger.
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Swiggy had closed
its previous funding at about a $3.7 billion valuation when it raised $158 million led by its largest backer Naspers in February 2020.
Swiggy did not respond to ET’s request for comment until press time on Thursday. Mails sent to QIA, GIC and Falcon Edge did not elicit any response. $1 Billion War Chest
The fundraise comes at a time when its chief rival Zomato is expected to go public in the next few months.
ET reported this week that the Gurugram-based Zomato
has restructured its capital base to create 8.8 billion new shares. It also reported on January 27 that the food-delivery and restaurant discovery app
With the fresh capital, Zomato is expected to have a valuation of $5.5 billion and $1 billion in cash as it inches closer to an initial public offering (IPO) by June this year.