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…
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