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…
- How much money was seized by the Indian state while investigating illegal loan apps? February 8, 2023
- Publishers Aren’t ‘Intermediaries’, IT Ministry Says: What Does This Mean for India’s Online Gaming Laws? February 8, 2023
- You can now use PhonePe UPI to pay in UAE, Singapore, Nepal and Bhutan February 8, 2023
- Wikipedia ‘Unblocked’ in Pakistan, PM Forms A Committee To Regulate ‘Objectionable’ Content February 8, 2023
- Explained: What is the feud over ownership between Binance and WazirX? February 8, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
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...