On Monday, Swiggy announced that it raised $700 million in a new funding round led by Invesco. Baron Capital Group, Sumeru Venture, IIFL and Kotak were new investors who participated in the latest funding round.

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Swiggy said existing investors like Alpha Wave Global, Qatar Investment Authority, Ark Impact, Prosus also participated in the round.

Backed by the likes of SoftBank Group Corp., Swiggy is among a slew of Indian startups disrupting traditional industries as more consumers venture online. It competes with fellow unicorn Zomato Ltd., which went public this year in a $1.3-billion initial public offering.

“While the food delivery business has nearly doubled in gross order value (GOV) in the last year, this fundraise will enable Swiggy to further accelerate growth on the core platform and make meaningful investments to grow Instamart,” Swiggy said in a statement.