Global investment Manager Coatue Management along with few others is planning to invest $50-100 million in online food delivery platform Swiggy, in which earlier Nasper made an investment of $150 to 200 million. The move comes after Naspers and Meituan-Dianping invested $100 million in the Bengaluru-based startup.
Swiggy Competing with Zomato, Ola and UberEATS
“Coatue Management has been in talks with Swiggy for the last few months, before closing of the previous round of funding,” said one of the people. It is not clear if the investment will be an extension of the previous round or a new one, as Swiggy looks to grumble up its war chest as it competes with Zomato, Ola and UberEATS, which earlier along with Zomato collectively acquired Runnr.
About Coatue Management
Coatue Management is a New York-based Technology- focused hedge fund which is led by former Tiger Management executive Philippe Laffont and has over $15 billion in assets under management.
Its interest in the Indian Internet ecosystem follows the penetration of affordable data in India, a move which Laffont believes will help deepen the customer acquisition through deeper penetration, as per a report in Forbes last month.