Home >Companies >News >CCI approves SoftBank Group investment in Swiggy

New Delhi: Competition Commission of India (CCI) on Monday gave its nod for a proposed deal involving SoftBank Group investment in food ordering and delivery platform Swiggy.

Mint had earlier reported that SoftBank is looking to invest $450 million in Swiggy in a deal that will mark the Masayoshi Son-led SoftBank Group Corp.’s first direct bet in the foodtech sector in India.

The infusion is part of a larger $1.25 billion round, which has been in the works for the past few months.

SVF II Songbird (DE) LLC would acquire certain shareholding percentage in Bundl Technologies Pvt Ltd, according to a notice filed with the regulator.

SVF belongs to the SoftBank Group and is a newly incorporated entity set up to make mid to long-term financial investments in companies.

Bundl is a private limited company incorporated in India and is engaged in operating Swiggy, as per the notice.

In a tweet on Monday, CCI said it has approved the "proposed acquisition of certain stake in Bundl Technologies (Swiggy) by SVF II Songbird (SoftBank Group entity)".

Globally, SoftBank owns around 22% in food delivery firm DoorDash, which went public earlier this year at rich multiples.

SoftBank had invested $680 million in DoorDash, which saw its value rise up to $11.9 billion on the first day of trading.

SoftBank had earlier invested in Uber Eats indirectly, via its investment in ride hailing platform Uber. Uber Eats India was sold to Zomato in January 2020.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout