Business

CCI approves SoftBank Group entity buying stake in Swiggy

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.

migrator

Updated:12th Jul, 2021 at 11:36 PM

New Delhi

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 USD 5 billion, a soure 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)''.

CCI approves SoftBank Group entity buying stake in Swiggy

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.

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