SoftBank to invest $450 million in Indian startup Swiggy

SoftBank to invest $450 million in Indian startup Swiggy

In recent years, India , a country of 1.3 billion people, has seen rapid adoption of smartphones, an explosion in cheap internet services and the rise of a new generation of ambitious entrepreneurs .

 

Global investors such as SoftBank, Tiger Global Management and South Africa's Naspers Ltd. have seen growing opportunities in India's startup sector. In India , the world's fastest-growing Internet market , investment funds from around the world are pouring in.

 


Japan’s SoftBank Group Corp. will invest $450 million in Indian food delivery startup Swiggy, a deal that could value Swiggy at more than $5 billion, according to the Japan Times .

 

The funding comes from Masayoshi Son’s Vision Fund 2, the people said , asking not to be named because the information is private. Swiggy and SoftBank declined to comment.

 

This is actually the second investment the company has received recently . Just about a week ago, Swiggy just completed a round of financing of US$800 million from investors including Falcon Edge Capital LP and Goldman Sachs Group Inc.

 

Last week was also a historic one for India’s tech sector, with investors creating at least six new unicorns, or startups valued at $1 billion or more, in just four days.

 


Bengaluru-based Swiggy competes with several food delivery startups , including Zomato, a unicorn backed by Ant Group Co. and Tiger Global, and the food delivery arm of Amazon.com Inc’s India unit.

 

Swiggy's co-founder and CEO Sriharsha Majety said in a memo that Swiggy's long-term goal is to serve 500 million users in the next 10 to 15 years .

 

He said: “We went through a very difficult phase last year due to Covid-19 and have weathered the storm. But from now on, everything we do needs to maximise our chances of success in the future .”

 

Analysts at Bernstein expect India’s food delivery market to surge to $12 billion by 2022.

India

Financing

internet

<<:  Indian retailer Nandu's expands offerings to include fish, seafood

>>:  The epidemic provides loopholes, and online scams are more likely to target sellers

Recommend

5 Ways to Build SEO Backlinks

Unlike outbound links and internal links, backlin...

Walmart adds $350 billion in investment to support American manufacturing

Walmart said Wednesday it will invest $350 billio...

Newegg mistakenly shipped Intel's 12th-generation processors ahead of schedule

Recently, there was news that the North American ...

What is Amazon1688 Forum? Amazon1688 Forum Review, Features

Amazon Seller Forum (Amazon1688 Forum) is a profe...

What is ushop? ushop Review, Features

ushop is committed to building a refined operatio...

Brazilian site accused of unfair competition, Meikeduo: Nonsense

Founded in Argentina in 1999, Makedo is the large...

What is Go Sport? Go Sport Review, Features

Go Sport is a well-known French chain of sporting...

What is YHJM? YHJM Review, Features

YHJM can automatically upload product information ...

What is abestea? abestea Review, Features

abestea offers a wide range of premium teas includ...

What is Magnit? Magnit Review, Features

Founded in 1994 in Krasnodar, southern Russia, Ma...