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India's Swiggy reaches decacorn valuation after raising $700m

SoftBank-backed startup to fuel quick delivery amid hot competition

BENGALURU -- Indian food delivery startup Swiggy has raised $700 million to fuel its quick delivery business amid heightened competition from its publicly traded competitor Zomato, Reliance Industries, the Tata Group and Y Combinator-backed Zepto.

Invesco, which has invested about $8.8 billion in India through Invesco Developing Markets Fund, led the round round with participation from a clutch of new investors including Baron Capital Group and Sumeru Venture, Swiggy said in a statement on Monday. Existing investors Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus also participated.

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