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Grapevine: Swiggy looks to raise $500 mn; GVK may get PSP help to ward off Adani
Photo Credit: VCCircle

Food delivery unicorn Swiggy is looking to raise $500 million from existing investors Naspers and Tencent as well as a few South Korean funds, a media report said.

Citing two people aware of the development, The Economic Times said that Swiggy is in talks with Korea Investment Partners, Mirae Asset Management, STIC Investments and Neoplux for the new round.

South African internet giant Naspers may lead the round, which may also involve a secondary share sale.

The transaction may value Swiggy around $4 billion, up from the $3.3 billion valuation that it got when it mopped up $1 billion in December 2018.  

In another report, The Economic Times said that Canada’s Public Sector Pension Investment Board (PSP Investments) is tying up with Abu Dhabi Investment Authority (ADIA) and India’s National Investment and Infrastructure Fund (NIIF) to buy a 49% stake in GVK Airport Holdings Ltd.

The value of the transaction is likely to be around Rs 6,000 crore, the report said, citing people directly involved in the deal. This would value GVK Airport around Rs 12,000 crore.

NIIF and ADIA are also likely to infuse equity and debt capital into the operator of the Mumbai airport. ADIA, the sovereign wealth fund of Abu Dhabi, and NIIF had agreed to pick up a 49% stake in GVK Airport in April.

GVK owns a 50.5% stake in Mumbai International Airport Ltd (MIAL) while state-run Airports Authority of India owns 26%. The investment from PSP will help GVK thwart Adani Group’s bid to buy Bidvest’s 13.5% stake and ACSA Global’s 10% stake in MIAL.

Meanwhile, Japanese conglomerate SoftBank could potentially invest in Piramal Group unit Piramal Capital & Housing Finance Ltd, The Economic Times reported, citing two people in the know.

The report said that SoftBank may invest if billionaire Ajay Piramal is willing to move into the consumer finance segment and away from its current wholesale focus. SoftBank’s decision will depend on Piramal splitting its retail and wholesale books and adding a technology layer to the business, the report added.

Separately, The Times of India reported that Chinese internet giant Tencent and Japan’s SoftBank Vision Fund are among the investors looking to pick up a 21% stake held by Tiger Global Management in ETechAces Marketing & Consulting Pvt. Ltd, which owns Policybazaar and Paisabazaar portals.

Citing three people familiar with the development, the report said that New York-based Tiger Global is seeking a valuation of up to $1.5 billion and that this would peg the deal at over $300 million.

In June 2018, Policybazaar had received over $200 million from SoftBank and others at a valuation of over $1 billion.

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