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.
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.
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.