Indian food delivery startup Swiggy raises $1.25 bln from SoftBank, Prosus – Reuters India

SourceReuters
SectorTechnology
CountryMiddle east

BENGALURU, July 20 (Reuters) – Indian food delivery startup Swiggy said on Tuesday it has raised $1.25 billion in a funding round led by SoftBank’s Vision Fund 2 (9984.T) and technology investor Prosus (PRX.AS) as foreign funds raise their stake in local internet-based consumer firms.

After the fund infusion, Swiggy will be valued at $5.5 billion, technology news site TechCrunch reported. Swiggy did not immediately respond to Reuters request for comment on its latest valuation. (https://tcrn.ch/36NFNGI)

Goldman Sachs and Qatar Investment Authority were also among the notable investors in the latest fundraise.

Last week, rival Zomato, backed by China’s Ant Group (688688.SS), drew bids worth $46.3 billion in a stock offering that was oversubscribed more than 38 times.

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Swiggy had raised $800 million in April earlier this year, according to local media.

Home delivery companies in India were hit by a sudden pandemic-related lockdown last year due to doubts about how the virus is transmitted. But as initial hesitancy in...read more...