India-based food delivery service Swiggy is looking to raise $500m in a funding round led by media and e-commerce group Naspers, the Economic Times reported today, citing two people aware of the development.
NeoPlux, a subsidiary of conglomerate Doosan, is also in talks to join the round, as are Korea Investment Partners, Mirae Asset Management and STIC Investments.
The round is expected to value the company at approximately $4bn and would be raised alongside a secondary transaction of unspecified size.
Swiggy provides a food delivery platform that enables users in Indian cities and urban centres to order groceries through a mobile app. The company is also developing a service for the delivery of consumer goods, as well as a delivery offering for cooked meals and a cloud kitchen business.
In June 2019, telecommunications and internet conglomerate SoftBank was reported to be in talks to invest between $300m and $500m in Swiggy as part of a larger round that could reach $1bn. SoftBank appears to have delayed such a commitment, however.
Naspers is an existing shareholder in Swiggy, having invested $600m to lead a $1bn series H round in December 2018. The round, increased its overall funding to approximately $1.47bn, was filled out by internet group Tencent, local services portal Meituan Dianping, Coatue Management, Hillhouse Capital, DST Global and Wellington Management.
Naspers and DST Global had previously led a $210m series G round for the company in June 2018, investing alongside Meituan Dianping and Coatue Management.
In a February 2018, the company raised $100m in a series F round led by Naspers with participation from Meituan Dianping.
Naspers made its first lead investment in Swiggy’s $80m series E in 2017. Norwest Venture Partners, SAIF Partners, Accel, Harmony Partners and RB Investments are also investors in the company.