CCI gives clean chit for SoftBank $450 million investment in Swiggy
Competition Commission of India (CCI) has approved a $450 million investment from Japanese-conglomerate Softbank into Bundl Technologies, parent of food tech unicorn, Swiggy.
This is a part of the ongoing Series J round, which saw the likes of new investors including Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac and Goldman Sachs, invest close to $800 million in the six-year-old startup, earlier in May this year.
CCI wrote on microblogging website Twitter, that it has approved the investment. With this investment, Bangaluru based Swiggy’s valuation touches $5.5 billion.
Swiggy chief executive, Harsha Majety informed employees in an internal memo on Monday that the company has elevated long-time employee, Phani Kishan Addepalli, as its newest co-founder.
As per the source, SoftBank could put more than $4 billion to work in India in 2021 in the technology sector. These include edtech, healthtech, e-commerce, B2B marketplaces and software-as-a-service (SaaS). The investments will come from SoftBank’s Vision Fund 2, which has an investment outlay of up to $30 billion for the current calendar year.
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