SoftBank Picks Swiggy Over Zomato In $450 Mn Indian Food Delivery Bet
Japanese conglomerate SoftBank is planning to invest about $450 Mn in Swiggy, valuing the food delivery app at $5 Bn, according to multiple reports. As per media reports citing sources, SoftBank founder Masayoshi Son was in talks with the two Indian food delivery giants Zomato and Swiggy as the VC firm finally wanted to take a bet on the sector in India. Zomato has raised $2.1 Bn to date, with a $660 Mn round announced in December 2020 and another $250 Mn round in February 2021. The company offers food delivery as well as grocery along with hyperlocal deliveries. Swiggy, just like Zomato, fulfills about 1.3 Mn to 1.5 Mn orders per day.