CCI approves deal involving SoftBank Group entity buying stake in Swiggy

Photo: Bloomberg

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)".


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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