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Miguel Cordon · · 1 min readSources: SoftBank’s Vision Fund set to pour $450m into Swiggy
“SoftBank Vision Fund is finalizing a US$450 million investment in food-delivery app Swiggy after a few years of evaluating the sector and having stayed away from taking a wager,” The Economic Times reported, citing people familiar with the matter.
Details:
- The investment would likely value the company at US$5 billion pre-money, the sources added.
- The deal is an extension of Swiggy’s US$800 million round earlier this month, which as joined by investors such as Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac, and Goldman Sachs.
Context:
- The development comes as Swiggy’s rival Zomato readies for its initial public offering, expected to come during the first half of 2021, and raised US$250 million earlier this year.
- A source told The Economic Times that SoftBank founder Masayoshi Son held talks with both Swiggy and Zomato. He ultimately chose Swiggy because it was pushing into areas outside food delivery.
Editing by Collin Furtado and Eileen C. Ang
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