India: Swiggy in talks to raise $700m funding from Tencent, others

Swiggy, India’s largest food delivery service, is in talks to raise as much as $700 million from new investors such as Tencent Holdings Ltd and plans to use the fresh funds to enter new businesses and areas, especially in the hyperlocal delivery space, according to three people aware of the discussions. Swiggy, which raised funds earlier this year at a valuation of about $1.3 billion, may see its valuation nearly double to at least $2.5 billion, said the people mentioned above.