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Softbank in advanced talks to pump in up to $500M in Swiggy

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New Delhi, April 15 (IANS) Food delivery platform Swiggy is set to raise up to $500 million from SoftBank Vision Fund 2 at a market valuation of nearly $5.5 billion, reliable industry sources said on Thursday, as the competition gets fierce amid the second wave of Covid-19 as people order more food online in India.

Softbank is in “advanced stages of talks to invest “up to $400-$500 million” into the food delivery startup, sources told IANS.

This funding will be additional to $800 million (about Rs 5,862 crore) Swiggy raised earlier this month with Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac and Goldman Sachs joining as new investors.

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Swiggy was valued at $3.7 billion when it raised funds in February last year.

The fresh fundraising comes at a time when its arch rival Zomato is planning for a $750 million-$1 billion IPO later this year.

Swiggy was valued at $3.7 billion when it raised funds in February last year.

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The fresh fundraising comes at a time when Zomato is planning for a $750 million-$1 billion IPO later this year.

According to company founder Sriharsha Majety, the earlier round of $800 million funding “gives the company a lot more firepower than the planned investment for our current business lines”.

“Given our unfettered ambition though, we will continue to seed/experiment new offerings for the future that may be ready for investment later,” he had told the employees in an internal memo.

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“We will just need to now relentlessly invent and execute over the next few years to build an enduring iconic company out of India”.

–IANS

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