SoftBank to invest $400-500 mn in Swiggy; swipes left on Zomato

The Japanese investor finally decides whom to back in the Indian food delivery space after flirting with both Swiggy and Zomato for nearly four years

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By 

Madhav Chanchani

Aditi Shrivastava

April 15, 2021

5 Min Read

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SoftBank has a presence across almost all high-profile startup sectors in India—hospitality, mobility, fintech, logistics, eyewear, and even baby products—but food delivery has always eluded it. Not for want of trying or a lack of opportunities, but SoftBank hadn’t been able to make up its mind about the sector or the two giants occupying it—Swiggy and Zomato. In the end, it decided to back the one with more than just food delivery chops.

SoftBank Vision Fund has now issued a term sheet to invest $400-500 million in Swiggy at a valuation slightly above $5 billion, said four people directly briefed on the matter. The deal is expected to be announced in 3-4 weeks.

The investment will be an extension of Swiggy’s recent $800 million fundraise from Falcon Edge, Amansa Capital, Think Investments, Carmignac, Qatar Investment Authority and Goldman Sachs, in which the company was valued at $4.9 billion.

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