Samsung Venture Arm may deliver $10 million to Swiggy

Samsung Venture Investment Corp (SVIC), the investment arm of smartphone giant Samsung Electronics, is in talks to invest $7-10 million (about Rs 50-72 crore) in home-grown food delivery major Swiggy, according to sources.

The investment, discussions for which are at an advanced stage, will be part of Swiggy’s ongoing Series-I financing round, which has so far been led by Naspers, the largest stakeholder in the company, along with participation from some of its existing set of investors, including Hadley Harbour Master Investments and Chinese local services platform Meituan-Dianping.

A Swiggy spokesperson declined to comment, while Samsung India did not respond to an email till press time Monday. Last week, Swiggy announced that Naspers had led a $113-million funding round, which is part of a larger $150-million fundraise being undertaken by the company, with the South African investor alone putting in about $100 million.

SVIC’s investment in Swiggy will be at the same valuation – $3.6 billion – that Naspers and Meituan have invested at.

Separately, SVIC has also coled a Rs 100 crore-plus financing round in Stelling Technologies, which owns and operates inter-city mobility startup IntrCity by RailYatri, along with Nandan Nilekani, the non-executive chairman of Infosys.

Nilekani, an early backer of the Noida-based company, has invested about Rs 56 crore through his family office, Entrust, while SVIC has put in an estimated Rs 14 crore in IntrCity by RailYatri, according to company executives.

IntrCity by RailYatri’s other existing investors, Omidyar Network and early-stage venture capital firm Blume Ventures, have also participated in the latest round. Till date, the company has raised about $30 million and will use the proceeds to ramp up its IntrCity SmartBus network and further build up its technology platform.

Source:- Economic Times