SoftBank in talks to invest $450 mn in Swiggy

The proposed investment comes at a time when rival food ordering platform Zomato is planning to go for an initial public offering (IPO) during the year

New Delhi: SoftBank is in advanced stages of talks on investing around $450 million (around Rs 3,348 crore) in food ordering and delivery platform Swiggy. The deal is likely to peg the valuation of Bengaluru-based firm at $5 billion, sources familiar to the development said.

The company had earlier announced investment of $800 million (around Rs 5,862 crore) by Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac and Goldman Sach. The likely deal was announced in an e-mail sent by the company’s co-founder and CEO Sriharsha Majety to employees earlier in April.

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The proposed investment comes at a time when rival food ordering platform Zomato is planning to go for an initial public offering (IPO) during the year. An e-mail sent to Swiggy spokesperson remained unanswered at the time of filing of the story.

In his email to employees, Majety earlier this month had said, “over the last year, thanks to all your efforts, we’ve managed to drive a strong recovery in the food delivery business with a very clear path to profitability”. The food delivery business is the strongest it has ever been, and Swiggy is now well on its way to drive continued growth over the next decade, he had added.