The Competition Commission of India has given final approval to SoftBank to invest in foodtech platform Swiggy. Last month, SoftBank had filed a submission with the competition watchdog seeking approval for a proposed investment in the Bengaluru-based company.
“Commission approves the proposed acquisition of certain stake in Bundl Technologies by SVF II Songbird (SoftBank Group entity),” said CCI in a tweet on Monday.
While CCI did not mention particulars of the transaction, media reports suggested that SoftBank would put $400-450 million in Swiggy.
If completed, the total fundraise for Swiggy in 2021 will go past $1.2 billion. In April, it raised $800 million from the likes of Falcon Edge, Amansa Capital, Think Investments, Carmignac and Goldman Sachs.
On Monday, Swiggy elevated Phani Kishan to a co-founder role. Kishan was serving as the company’s vice president of strategy and investments and was associated with it for more than six years.