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SWIGGY BECOMES DECACORN

Key Points:

  • Swiggy has raised $ 700 million to boost its fast delivery business amid high competition from its publicly traded rival Zomato, Reliance Industries, Tata Group, and Y Combinator-backed Zepto.
  • Swiggy recently became the fourth Indian company to win this tag. Paytm, FinTech, Oyo (hotel aggregator), and Byjus (Edtech) are the other three tag companies.
  • Invesco, which has invested an estimated $ 8.8 billion in India through the Invesco Developing Markets Fund, has led the round with new investors, including Baron Capital Group and Sumeru Venture. 
  • Already existing investors Alpha Wave Global, Qatar Investment Authority, ARK Impact, and Prusus also participated.

Facebook:

  • Facebook was the first Deccahorn that got this tag in 2007. Facebook became Deccahorn after Microsoft invested $ 240 million in Facebook. 

What are Decacorns?

  • The Deccahorns are startup companies valued for their potential growth and not because of their financial performance. 
  • The company acquired by another company cannot be called Decahorn.
  • In 2021, many companies received the tag. The numbers doubled in 2021 compared to 2020.

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