SoftBank’s incredibly late bet on Swiggy
The two-horse race in Indian food tech is set to take a curious turn with the fund’s purported interest in Swiggy.
19 April, 2021•12 min
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19 April, 2021•12 min
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Editor's note: 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• The Economic Times If this deal does go through, it’ll be a very interesting turn of events. For a variety of reasons which we will outline below and then go on to delve deeper into: SoftBank is no stranger to the food tech business. Just last year, it made a hefty profit from its investment in San Francisco-based food delivery bet DoorDash. And, this week, SoftBank’s other on-demand transportation/food delivery bet, Singapore’s Grab, is going public in a deal which …
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