(Bloomberg) -- Indian food delivery service Swiggy is raising $600 million to $700 million in a round led by Invesco that's due to close this month, according to people with knowledge of the matter.
While Invesco will pour in $200 million, other existing investors such as Softbank Group Corp. will also participate, the people said, asking not to be identified as the details are private. The deal values Swiggy, formally known as Bundl Technologies Pvt., at about $10.5 billion, they added.
Indian startups have raised about $10.9 billion in the quarter-ended September, according to Venture Intelligence and PwC India, as China's crackdown makes the South Asian nation more attractive to global investors. Bangalore-based Swiggy competes with the likes of Zomato Ltd., which is backed by the Ant Group Co.
Swiggy is expected to follow Zomato with an initial public offering about a year or so later, one of the people said. Representatives for Swiggy and Softbank didn't immediately reply to emails seeking comment. Invesco declined to comment.
The company has seen its valuation almost double since it was valued at $5.5 billion in April. It will use the new cash to strengthen its grocery delivery business, the people said.
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