Food delivery major Swiggy has raised $700 million in a new funding round led by Invesco. This investment was made at a valuation of $10.7 billion (decacorn), according to a source close to the development. Swiggy has raised its last round at a valuation of $5.5 billion, six months ago.

The round also saw participation from a host of other investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF-I, Sixteenth Street Capital, Ghisallo, Smile Group, Segantii Capital, Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, ARK Impact, and Prosus.

The company reported that its food delivery business has nearly doubled its gross order value (GOV) last year. This fundraise is expected to enable Swiggy to accelerate growth on its core platform and “make meaningful investments” in its quick commerce business, Instamart.

Instamart is projected to reach an annualised gross merchandise value (GMV) run rate of $1 billion in the next three quarters. The company will also strengthen its investments in the broader ecosystem.

‘Offering unparalleled convenience’

“The GMV our food delivery business achieved in 40 months, took Instamart just 17 months. We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers,” said Sriharsha Majety, CEO, Swiggy.

“Our goal is to make consumers use Swiggy 15 times a month. We will continue to invest in our people, products, and partners to create a positive impact on the ecosystem and accelerate the digital transformation in food and grocery delivery and other on-demand services,” he added.

“As long-term investors, the Invesco Developing Markets fund seeks investment opportunities in the best companies in the world, led by world-class management teams, and that have the potential for long-term structural growth. Our investment in Swiggy represents such an investment,” said Justin Leverenz, Chief Investment Officer, Invesco Developing Markets Fund.

In the last few months, Swiggy has expanded Instamart to 19 cities, and Swiggy Genie, the company’s pick-up and drop service is currently present in 68 cities, while its meat delivery service, and daily grocery service, Supr Daily, are present across all major Indian cities.

It also launched Swiggy One, a membership programme with benefits across food, groceries, and other on-demand services.