Bengaluru-based food delivery platform Swiggy has raised $700 million in a new financing round at a valuation of $10.7 billion, as it aggressively expands its offerings, including the instant-delivery service, in the South Asian market, reports said.

The Series K funding round was led by US-based investment firm Invesco, with participation from new 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 and Segantii Capital.

Existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus, also participated in the round.

The current fund-raise makes Swiggy the fourth startup in India to become a decacorn (a startup with a valuation of over $10 billion) after Byju’s, Oyo and Paytm.

Swiggy had raised $1.25 billion in its last funding round in July 2021 from SoftBank Vision Fund II, Prosus, Accel and Wellington at a valuation of $5.5 Billion.

Referring to gross merchandise value (GMV), a key metric to assess the business performance, Swiggy CEO Sriharsha Majety said the GMV their food delivery business achieved in 40 months took Instamart just 17 months, demonstrating the platform benefits of Swiggy.

“Our goal is to make Swiggy the platform that 100 million consumers can use 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 said in a statement.