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Swiggy completes $1.25 billion funding round, shifts focus to non-food businesses

In view of funds raised by the platform, Swiggy announced that it would now pursue initiatives like AI while also strengthening its core business.  Online food delivery platform Swiggy closed its $1.25 billion round led by SoftBank Vision Fund 2 and its existing backer Prosus, a press release by the company confirmed. The news comes a week after the Competition Commission of India (CCI) approved SoftBank’s proposed investment in Swiggy, the fund's first investment in the Indian food delivery segment. "This latest fundraise was heavily oversubscribed following strong interest from investors, and comes on the back of Swiggy’s rapid recovery from the impacts of Covid-19 and subsequent growth in 2020-21," the press release stated. Why this matters? Swiggy and Zomato, the two dominant players in the online food delivery space in India, have both raised mammoth sums of money over the last few days. Swiggy - through its latest round of funding, and Zomato - through its initial public offering (IPO). The two platforms also face allegations by the National Restaurant Association of India (NRAI), which has asked CCI to investigate the companies for "inherently anti-competitive practices." Will the recent funding further strengthen the two players' hold over the food delivery market and deter competitors from emerging is an important question to consider. In addition to food delivery, Swiggy is also engaged in instant grocery delivery service through Instamart and pick-up and drop service through Swiggy Genie. "Our biggest investments will be in our non-food businesses that have witnessed tremendous consumer love and growth in a…

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