Private Equity

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SoftBank seeks CCI nod for investment in Swiggy

Money Control  

Global investor SoftBank has sought the nod of the Competition Commission of India (CCI) for a proposed investment in Bangalore-based food delivery platform Swiggy. SoftBank is expected to invest USD 450-500 million in Swiggy at a post-money valuation of close to USD 5.5 billion. SoftBank has investments globally in companies in the same segment as well as Grofers in India, which competes with Swiggy's Instamart in the on- demand grocery delivery space. According to the application filed by SVF II (an entity owned by SoftBank) and Bundl (which owns Swiggy), the proposed investment will not lead to any change in the competitive landscape. The investment from SoftBank will come on top of USD 800 million series J round that Swiggy recently closed, with Falcon Edge, Amansa, Think Investments, Carmignac and Goldman Sachs as investors at a valuation of USD 5 billion.