SoftBank in talks to invest $500 million in Swiggy

10 successful SoftBank investments in India
10 successful SoftBank investments in India
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Japanese conglomerate SoftBank Group is, reportedly, planning to infuse up to $500 million (approx ₹3,400 crore) in Swiggy, Mint reported, citing multiple sources. If the deal is approved, it will be the first investment by SoftBank in the food delivery business in India.

The foodtech unicorn Swiggy, has so far raised $1.5 billion in funding since its inception in 2014. Currently, it is the fifth highest valued company in the Indian startup ecosystem with a valuation of $3.3 billion.

Based out of Bengaluru, Swiggy is a food ordering and delivery company that provides food service solutions for restaurants. It was founded in 2014 by Nandan Reddy, Rahul Jaimini, Sriharsha Majety.
The company aims to stand out by offering a more curated list of restaurants and services, not to mention its own in-house delivery fleet that pick up orders from restaurants and deliver it to the customers.

The foodtech startup is currently present in over 175 cities with a fleet of 1.95 lakh active delivery partners from over one lakh restaurant partners.

While, Japan-based Soft Bank Group, is known for its leadership by founder Masayoshi Son. It, now, owns operations in broadband, fixed-line telecommunications, e-commerce, internet, technology services, finance, media and marketing, semiconductor design, and other businesses.

Furthermore, SoftBank has been in talks with the two leading food tech rivals, Swiggy and Zomato, since August, according to the Mint.

Hence, both the partners have disagreed to give any statement regarding the upcoming deal.

Apart from SoftBank funding, Swiggy’s key investors includes Naspers, DST Global, Accel, SAIF Partners, Bessemer Venture Partners, Norwest Venture Partners.

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