Swiggy raises $1.25 bn led by Softbank, Prosus
The Swiggy funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with participation by existing investors, Accel Partners and Wellington Management.
The Swiggy funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with participation by existing investors, Accel Partners and Wellington Management.
The promoters hold 60.24 per cent, CX Partners owns 33.79 per cent and Jhunjhunwala's investment firm Alchemy Capital holds 2.05 per cent of the company.
These funds will be used to scale up company’s presence in the mobile phone reuse and recycling sector in the country.
The company said that the order book was over-subscribed about 3 times on final pricing with peak order book of USD 5 billion at time for final price guidance.
The new funding comes after a renewed public attention on the platform where subreddit r/WallStreetBets helped raise the issue of GameStop stock that rose and fell sharply.
PNB’s decision not participating in the capital raising plan comes after the Reserve Bank of India did not give a green signal to the lender’s application to infuse quiet in PNBHFL.
Similar trend was witnessed on the NSE, as the stock was trading 3.71 per cent higher at Rs 51.70.
Tribe Capital is a leading Silicon Valley-based venture capital firm, while March Capital is Santa Monica-based venture growth firm.
The filing said that this would lead to IIHL shoring up additional equity of 1.7 per cent in IndusInd Bank thereby bringing promoter equity to 15 per cent on a diluted basis.
