Tencent lines up big-ticket Swiggy investment; Jindal Steel & Power mulls breakup
Photo Credit: Shah Junaid/VCCircle

Food-tech startup Swiggy is reportedly on course to raise its third mega funding round of this year, according to a report in The Economic Times.

Citing people aware of the development, the daily reported that Chinese internet conglomerate Tencent, existing backer Naspers and other investors are in talks to pump around $500-700 million (Rs 3,500-5,000 crore at current exchange rates) into Swiggy.

The deal will reportedly value Swiggy at around $2.5-3 billion, making it among the country’s most valuable startups. Local rival Zomato is also valued at more than $1 billion.

Tencent and Naspers will lead the investment, the report added, while some of Swiggy’s existing investors could sell their stakes.

Swiggy, which is run by Bengaluru-based Bundl Technologies Pvt. Ltd, has already raised two big rounds of funding this year. 

In June, it received $210 million (around Rs 1,400 crore) in a Series G investment round led by Naspers and Yuri Milner-led DST Global.

A person familiar with the development had told VCCircle that the investment valued Swiggy at $1.3 billion

In February, it had raised $100 million in Series F round that was also led by Naspers with participation from existing shareholder Meituan-Dianping.

In a separate development, debt-laden Jindal Steel & Power Ltd is planning to split into three separate listed firms that will focus on steel, power and international businesses respectively. 

Citing company chairman Naveen Jindal, Bloomberg reported that the move was part of a restructuring plan to reduce the firm’s debt. which stands at around Rs 42,000 crore.

The plan has to get the approval of lenders, regulators and the company’s board.

Jindal was quoted as saying that the international business unit would include a steel plant in Oman, while the coal mines would fall under the steel unit.

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