India’s largest online food ordering and delivery platform, Swiggy raises about $800 million in funding round with investors that include Goldman Sachs, Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac, according to email sent by Co-founder and Chief Executive Officer Sriharsha Majety to employees.

With this deal, the food tech startup's valuation is expected to leapfrog to $5 billion from its previous valuation of $3.6 billion in 2020.

Also, the fundraising was heavily subscribed and existing investors who participated in the funding round comprise of Accel and Naspers, Majety stated in the note, according to sources close the company.

However, the new capital would aid Swiggy to pace up its growth in its existing businesses and is also expected to seed the new ones, as the convenience delivery segment stretch to half-a-billion users in the following 10 years.

Furthermore, the food delivery startup is in tough competition with its rivals in the same space, such as the unicorn Zomato and the food delivery wing of Amazon Inc's India unit that has latelu recently launched its service to Prime members in several zip codes in Bengaluru.

Commenting on the last year, Sriharsha states in the note, "We have managed to drive a strong recovery in the food delivery business with a very clear path to profitability."

He further adds, “The food delivery business is the strongest it's ever been and now we are well on our way to drive continued growth over the next decade. Also, Swiggy's hyperlocal grocery delivery service is demonstrating "amazing promise."