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SoftBank gets CCI approval for Swiggy investment, Phani Kishan elevated to co-founder role

With Zomato all set to launch its IPO, both platforms have managed to raise funds in the backdrop of a restaurant industry body seeking a CCI probe into alleged anti-competitive practices.   The Competition Commission of India approved SoftBank's proposed investment in Swiggy, the Commission revealed in a tweet on Monday. https://twitter.com/CCI_India/status/1414556504334561282 Separately, Swiggy also elevated Phani Kishan to a co-founder role. Kishan, who joined Swiggy in 2015, previously served as the company’s Vice President of Strategy and Investments. The news comes weeks after the National Restaurant Association of India (NRAI) asked the Competition Commission of India (CCI) to investigate “inherently anti-competitive practices” of online food-delivery platforms Zomato and Swiggy, and days after Zomato announced the date for its initial public offering (IPO). According to Economic Times, SoftBank has already invested over $2 billion in India over the first five months of the year. The company recently invested in social commerce platform Meesho and banking technology platform Zeta. Although CCI did not reveal the size of the stake, Business Standard reported in April that SoftBank's Vision Fund II is looking to invest $450-million in the food delivery platform at a $5.5 billion valuation. This news came a week after Swiggy raised around $800 million from new and existing investors. In total, the food aggregator has raised $1.25 billion in 2021. NRAI Asks CCI To Look Into Anti-Competitive Practices By Zomato, Swiggy "During the pandemic, the magnitude of anti-competitive practices of Zomato & Swiggy have increased manifold and despite numerous discussions with them, these deep-funded marketplace platforms are…

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