The Competition Commission of India (CCI) has approved the investment by SoftBank Vision Fund II in food delivery platform Swiggy. On Monday, the Competition Commission of India (CCI) wrote on Twitter that it had approved the “proposed acquisition of [a] certain stake in Bundl Technologies (Swiggy) by SVF II Songbird (SoftBank Group entity)”.
ET Now had earlier reported that the Masayoshi Son-led SoftBank Group Corp was finalising a $450-million investment in the online food delivery platform at a pre-money valuation of $5 billion. Last month, the technology fund had sought approval from CCI to invest in Swiggy.
The investment from SoftBank will come on top of the $800 million series J round that Swiggy recently closed, with Falcon Edge, Amansa, Think Investments, Carmignac, and Goldman Sachs at a valuation of $5 billion.
Worth mentioning here is that funding from SoftBank Vision Fund 2 assumes significance because Swiggy’s main competitor Zomato, is all to get listed on the exchanges in the coming months, having raised over $1 billion in the past year from a slew of investors, including Tiger Global and Kora Management.
Rival Zomato’s initial public offer (IPO) is scheduled to open for subscription on July 14 and is priced between Rs 72 – 74 per share. At the upper end of the price band of the offering, the company aims to raise Rs 9,350 crore. Most analysts have given a ‘subscribe’ rating to the issue for listing gains.
