Swiggy Instamart Architect Karthik Gurumurthy’s Venture Nets $3 Mn Led By Matrix Partners India

Swiggy Instamart Architect Karthik Gurumurthy’s Venture Nets $3 Mn Led By Matrix Partners India

SUMMARY

The round is still ongoing so the contours of the deal may change slightly before the final close

In November last year, Swiggy’s senior vice president Gurumurthy announced his departure from the foodtech giant to launch his own startup

Gurumurthy’s new venture will be called Convenio

Karthik Gurumurthy, the architect behind Swiggy Instamart who helped scale the vertical from scratch in 2020 to a nearly $1 Bn valuation, has reportedly secured a funding of $3 Mn (around INR 25 Cr) for his new offline retail venture led by Matrix Partners India and a clutch of angel investors.

As per Moneycontrol’s report, citing sources, the round is still ongoing so the contours of the deal may change slightly before the final close.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

modal lock

Continue Reading With A Free Inc42 Account

Get the most out of your Inc42 experience by creating a free account. Enjoy personalized recommendations, ad-lite browsing, and access to our exclusive newsletters.