CCI nod to SoftBank's $450 million investment in Swiggy

The country's market watchdog Competition Commission of India (CCI) has approved a $450 million investment from Japanese giant SoftBank into food tech platform Swiggy's parent company Bundl Technologies.

"Commission approves the proposed acquisition of a certain stake in Bundl Technologies (Swiggy) by SVF II Songbird (SoftBank Group entity)," CII said via a tweet on Monday.

SVF belongs to the SoftBank Group, and is a newly incorporated entity set up to make mid to long-term financial investments in companies.

The latest investment raises Swiggy's valuation to $5.5 billion, reports suggest. The SoftBank funding was part of series J funding from a clutch of new investors including Amansa Capital, Think Investments, Falcon Edge Capital, Carmignac and Goldman Sachs.

Meanwhile, Swiggy has elevated Phani Kishan to the role of a co-founder, CEO Sriharsha Majety said via a blog post.

Phani joined the company in 2015 as a general manager and was most recently serving as vice president of strategy and investments. With his elevation, the company now has three co-founders. Majety and Nandan Reddy are the other two co-founders.

In May 2020, one of the company's co-founders, Rahul Jaimini, who was working as Chief Technology Officer quit.

Also Read: Restaurant body plans to launch loyalty app to take on Zomato, Swiggy

Also Read: Swiggy elevates Phani Kishan as co-founder