Salem Radio Network News Monday, August 2, 2021

Science

India’s Swiggy raises $1.25 billion in funding from Prosus, SoftBank

BENGALURU (Reuters) – Indian food delivery startup Swiggy said https://www.prosus.com/news/swiggy-closes-us125-billion-funding-led-by-softbank-vision-fund-2-and-prosus on Tuesday it has raised $1.25 billion in a funding round led by long-term investor Prosus and SoftBank’s Vision Fund 2 as it recovers from the impacts of the COVID-19 pandemic.

“The scope of food delivery in India is massive and over the next few years, we will continue to invest aggressively into growing this category,” Sriharsha Majety, chief executive officer at Swiggy, said.

Goldman Sachs and Qatar Investment Authority were among the notable investors to join the unicorn’s latest fundraising.

A stock offering by larger rival startup Zomato drew bids worth $46.3 billion as it was more than 38 times oversubscribed last Friday.

(Reporting by Shivani Singh in Bengaluru; Editing by Arun Koyyur)

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