For Swiggy, India’s most valuable food delivery unicorn, the last three years have been a roller coaster.

2018 was the year of peak Swiggy expectation in India’s tech ecosystem. 

That June, the four-year-old company achieved “unicorn” status—a valuation north of $1 billion—with a $210 million fund raise. Just five months later, it raised an entire unicorn’s worth of funding with a massive $1 billion round.

Limitless possibilities lay before the company. The $1.21 billion it had raised within a space of five months coupled with the expectations of its investors and its own ambitions made for a potent combination.