The two-horse race in Indian food tech is set to take a curious turn with the fund’s purported interest in Swiggy.
Late last week, news appeared that SoftBank is looking at investing in Swiggy.
SoftBank’s Vision Fund is finalising a $450 million investment in food delivery app Swiggy after having delayed the wager while it evaluated the sector for a few years, people familiar with the development told ET. The deal is likely to peg Swiggy’s valuation at $5 billion prior to investment. It is an extension of the $400 million round that company co-founder & chief executive Sriharsha Majety announced in an internal email earlier this month, sources said.
From ETtech Scoop: Swiggy set to raise $450 million from SoftBank• …
Ashish is the editor-in-chief of The Morning Context. One of the best-known business feature writers in India, he was selected for Germany’s Robert Bosch Stiftung Fellowship in 2012 and received the Mumbai Press Club RedInk certificate of recognition in 2015 for his story “Inside the Network 18 takeover”. Before joining The Morning Context, Ashish co-founded The Ken, where he was managing editor. His previous writing stints include Mint, Forbes India and The Economic Times.
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