Swiggy has sought approval from the Competition Commission of India (CCI) for investment by the Japanese tech giant Softbank. The platform is investing via its SoftBank Vision Fund II, an amount of $450-500 million in Swiggy. The investment from SoftBank will come on top of the $800 million series J round that the food delivery platform recently closed. Notable bankers like Goldman Sachs, Falcon Edge, Think Investors, Amansa, and Carmignac, pushing up Swiggy’s valuation to $5 Billion.
According to the document filed with CCI, SoftBank has provided a competitive assessment of its digital payments and online advertising businesses to CCI and how the competitive landscape won’t change after this investment. However, Swiggy’s plan to diversify beyond food delivery into daily essential services and groceries and has worked in its favor to get SoftBank’s funding approval.