CCI approves SoftBank Group entity buying stake in Swiggy
The deal is likely to peg the valuation of Swiggy at $5 billion
New Delhi: Competition Commission of India (CCI) on Monday gave its nod for a proposed deal involving SoftBank Group entity purchasing a stake in food ordering and delivery platform Swiggy. SVF II Songbird (DE) LLC would acquire certain shareholding percentage in Bundl Technologies Pvt Ltd, according to a notice filed with the regulator.
SVF belongs to the SoftBank Group and is a newly incorporated entity set up to make mid to long-term financial investments in companies.
Bundl is a private limited company incorporated in India and is engaged in operating Swiggy, as per the notice.
The deal is likely to peg the valuation of Swiggy at $5 billion, a source had said in April.
In a tweet on Monday, CCI said it has approved the “proposed acquisition of certain stake in Bundl Technologies (Swiggy) by SVF II Songbird (SoftBank Group entity)”.