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…
- Digital India bill to be released post elections: IT Minister Rajeev Chandrasekhar says November 30, 2023
- How Will India’s Draft Broadcasting Services Regulation Bill Impact News Platforms? November 30, 2023
- Video: Briefing on the Impact of Draft Criminal Laws on the Digital Ecosystem November 30, 2023
- How Is Deepfake Regulation Linked To Platform Safe Harbour Provisions? November 30, 2023
- Final Call: Impact of Draft Criminal Laws on the Digital Ecosystem; Nov 30, 3:30 PM November 30, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...