ETtech Scoop: Swiggy close to raising $450 million from SoftBank Vision Fund
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Synopsis
The SoftBank deal is likely to peg Swiggy s valuation at $5 billion pre-money or pre-investment and is an extension of the $800 million funding round that CEO Sriharsha Majety announced in a company-wide email last month.
ETtech
Illustration: Rahul Awasthi
Mumbai:SoftBank Vision Fund is finalising a $450 million investment in Swiggy, after a few years of evaluating the food delivery sector and having stayed away from placing a wager, according to people familiar with the development.
The deal is likely to peg Swiggy s valuation at $5 billion pre-money or pre-investment and is an extension of the $800 million funding round that co-founder and CEO Sriharsha Majetyannounced in a company-wide email earlier this month, the people cited above said.
Swiggy raises $800 million from fund managers, investors
Majety said Swiggy s business is the strongest it has ever been , adding that the company has a clear path to profitability.
BusinessToday.In | April 5, 2021 | Updated 19:56 IST
Amansa Capital, Think Capital and Carmignac also participated in the funding round which valued Swiggy at $5 billion.
Food delivery start-up Swiggy has raised $800 million from investors, including Goldman Sachs and global alternative asset manager Falcon Edge.
Singapore-based fund management company Amansa Capital, private investment firm Think Capital and French asset management firm Carmignac also participated in the funding round, which valued the company at $5 billion. Besides, existing investors like Prosus and Accel were also part of the funding round.
ETtech Morning Dispatch on Feb 12, 2021: Swiggy’s war chest against Zomato, Crypto under threat in India
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Before we begin, Koo, the Made-in-India Twitter clone, is already fighting allegations that its app leaks private data of its users. On the plus side, it has new, non-Chinese, investors.
But today’s top story is Swiggy, or rather the giant chunk of change that’s about to land in India from Qatar, Singapore and others. Elsewhere, we take a closer look at the government’s long-and-widely rumoured plan to ban all “private” cryptocurrencies in India while launching its own “public” i.e., state-owned version at the same time. But the difference between “private” and “public” crypto isn’t simply one of ownership. The two are actually two very different things in practice.
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Swiggy had closed
its previous funding at about a $3.7 billion valuation when it raised $158 million led by its largest backer Naspers in February 2020.
Swiggy did not respond to ET’s request for comment until press time on Thursday. Mails sent to QIA, GIC and Falcon Edge did not elicit any response. $1 Billion War Chest
The fundraise comes at a time when its chief rival Zomato is expected to go public in the next few months.
ET reported this week that the Gurugram-based Zomato
has restructured its capital base to create 8.8 billion new shares. It also reported on January 27 that the food-delivery and restaurant discovery app