Second funding for food delivery startup in as many weeks
SoftBank Group Corp. is investing in Swiggy at a $5.5 billion valuation, the second funding for the Indian food delivery startup in as many weeks as capital floods the world’s fastest-growing internet arena.
The $450 million funding came from Masayoshi Son’s Vision Fund 2, a person familiar with the matter said. The financing awaits approval from Indian antitrust regulators, the person added, asking not to be identified talking about a private deal.
Bangalore-based Swiggy competes with multiple food delivery startups including fellow unicorn Zomato, backed by Ant Group Co. and Tiger Global, and the food delivery arm of Amazon.com Inc’s India unit, which recently unveiled its service to Prime members in dozens of zip codes in the city of Bengaluru.
Swiggy had closed an $800 million funding round from investors including Falcon Edge Capital LP and Goldman Sachs Group Inc. about a week ago. That financing punctuated a historic week for India’s technology industry when in the space of four days, investors minted at least six new unicorns or startups with a valuation of $1 billion or more. Representatives for SoftBank and Swiggy didn’t immediately respond to requests for comment.
Global investors such as Tiger Global and South Africa’s Naspers Ltd. see growing opportunities in the country’s startup scene. The nation of 1.3 billion people has seen the rapid adoption of smartphones in recent years, the explosive growth of inexpensive internet services, and a new generation of ambitious entrepreneurs.
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