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Swiggy is nearing the close of its $700 million fundraising at a potential valuation of $10 billion-$11 billion, two people aware of the matter said.

The new round is expected to have Invesco as the lead investor, and it will close within a fortnight to a month, the people said, requesting anonymity.

Mint reported in September that the food delivery startup is in talks to raise a fresh round of funding at a $10-12 billion valuation. Swiggy had also held early talks for a potential acquisition of hyperlocal delivery service, Dunzo.

“The round is expected to close in the next 2-4 weeks with Invesco leading the fundraising. The final aspects of the funding are currently being finalized," one of the people said. Swiggy’s existing investors SoftBank Vision Fund and Prosus are also expected to participate. Swiggy’s latest fundraise will follow the firm raising $1.25 billion from investors, including SoftBank and Prosus, in July this year, nearly matching the funds raised by Zomato in an initial public offering. The funds were raised at a valuation of $5.5 billion, a 50% jump from the $3.6 billion it was valued in April last year.

In the past year, Swiggy diversified into pick-up-and-drop service with Swiggy Genie, and e-grocery delivery segment with the Instamart offering. It also runs subscription-based grocery delivery, SuprDaily.

Its efforts to diversify into categories besides its core food-delivery business and utilize its delivery fleet to fuel more hyperlocal use-cases have been key reasons for increased investor confidence in the startup.

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