Japanese telecommunications company Softbank is now planning to pick up a stake in Bundl Technologies, which owns and operates food delivery startup Swiggy. Along with SoftBank, Tencent which backs Flipkart and Chinese e-commerce giant Alibaba are also in talks to explore an investment in Swiggy.
SoftBank and Tencent Investments
SoftBank is planning an investment of $200-250 million for a significant minority stake in Swiggy. If the talks were successful, it could peg the company’s pre-money valuation at $600-650 million.
Tencent may also invest another $50 million in Swiggy, if the latter takes up the offer, taking the proposed deal for $100 million.
Chinese Investors Plan to Invest in Zomato
Alibaba and Ant Financial’s venture dialogues with Swiggy come when Chinese speculators are in chats with the food-tech company’s rival Zomato to close a $200-million subsidizing round, conceivably esteeming the Info Edge-upheld firm at $1.1 billion.
Growth of Online Food Delivery Market in India
The food delivery market in India developed at 150% year-on-year in 2016 with an expected gross merchandise value (GMV) of $300 million of every 2016, as indicated by information from RedSeer. Space has likewise observed the passage of global technology giants, for example, UberEATS and Google’s Areo, both of which are marking down vigorously.