SoftBank Group Corp. is investing in Swiggy at a $5.5 billion valuation, the second funding for the Indian meals supply startup in as many weeks as capital floods the world’s quickest rising web area.
The $450 million funding got here from Masayoshi Son’s Imaginative and prescient Fund 2, an individual aware of the matter stated. The financing awaits approval from Indian antitrust regulators, the individual added, asking to not be recognized speaking a couple of personal deal.
Bangalore-based Swiggy competes with a number of meals supply startups together with fellow unicorn Zomato, backed by Ant Group Co. and Tiger International, and the meals supply arm of Amazon.com Inc’s India unit, which lately unveiled its service to Prime members in dozens of zip codes within the metropolis of Bengaluru.
Swiggy had closed an $800 million funding spherical from buyers together with Falcon Edge Capital LP and Goldman Sachs Group Inc. a couple of week in the past. That financing punctuated a historic week for India’s know-how trade, when within the house of 4 days, buyers minted no less than six new unicorns or startups with a valuation of $1 billion or extra. Representatives for SoftBank and Swiggy didn’t instantly reply to requests for remark.
International buyers akin to Tiger International and South Africa’s Naspers Ltd. see rising alternative within the nation’s startup scene. The nation of 1.3 billion folks has seen the speedy adoption of smartphones lately, explosive development of cheap web companies and a brand new technology of bold entrepreneurs.
The enterprise investments are serving to to diversify India’s trade, finest identified for tech companies corporations akin to Tata Consultancy Providers Ltd. and Infosys Ltd. A Credit score Suisse Group AG report final month discovered there are about 100 unicorns in India with a mixed market worth of $240 billion, in sectors from e-commerce and fintech to schooling, logistics and food-delivery.