Chinese conglomerate Tencent is likely to be one of the biggest investors for Indian online food delivery service Swiggy, which is looking to raise $500-700 million, reported The Economic Times.
Swiggy has already held discussions with a host of investors and Tencent is keen on contributing a significant portion of the investment, ET reported on Tuesday.
The company is also in talks with existing investors like Naspers and SoftBank, the report said, adding that it is not clear if SoftBank may participate in the fundraise now or invest later.
“The funding size under discussion is around $650 million, with Naspers looking to invest $200-250 million. However, the talks are yet to take definite shape and will take another 3-4 weeks to crystallise,” a person familiar with the development told the paper.
An investment of such scale could value Swiggy at $2.5-3 billion, the report added.
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