After raising $200 million from Temasek and Fidelity, Lenskart’s valuation stands at $5 billion. Meanwhile, Baron Capital bumped up its stake in Swiggy by 25% to $15.1 billion.
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The instant commerce startup has grown too fast and seems to be undergoing chaos of late. Up against several well-funded, entrenched players, it needs to get its house in order.
As food delivery plateaus and Instamart bleeds cash, Swiggy is banking on its 10-minute service to revive growth and rewrite its economics.
An online marketplace for professionals is the company’s yet another attempt at building something of value, besides food delivery and quick commerce. There’s no telling whether it will work.