Multinational investment conglomerate SoftBank is pursuing approval for a proposed $400 million investment in food aggregator Swiggy as it has filed a submission for the same in the Competition Commission of India (CCI).
SoftBank already has funded other startups such as Delhivery, Unacademy, Oyo and its latest venture will mark its entrance in the country’s food tech sector.
This move is widely perceived as a further extension of Swiggy’s financing round amounting to $800 million that was backed by the existing and new investors at a valuation of $5 billion earlier this year in April.
“SVF II (SoftBank Vision Fund II) proposes to acquire a certain shareholding percentage in Bundl. The proposed combination is notifiable to the Competition Commission of India under section 5(a) of the Competition Act, 2002,” the filing from CCI read, as per a report from Financial Express.
Apparently, SoftBank’s attempt to secure an approval from the CCI is a common process that is not bound to have any major consequence as such.
The filing explained that this proposed combination is not likely to trigger any change in the competitive landscape ‘or cause any appreciable adverse effect on competition in India.’