There were several important developments in the startup space during the day on Thursday. Here’s a wrap of all the stories from the startup universe:
Softbank to invest $450 mn in Swiggy ahead of Zomato’s IPO
Softbank is set to pump in nearly half a billion dollars into foodtech startup Swiggy, taking a bet on India’s growing food delivery sector. The Japanese investor will make the new investment from its Softbank Vision Fund 2, sources aware of the matter said.
The backing for Swiggy comes just ahead of Zomato’s impending IPO and is likely to take its valuation at close to $5.5 billion.
Sources said Softbank wants to take approval from the Competition Commission of India (CCI) as it is an investor in global foodteh players such as…