CCI Approves SoftBank Group Entity Purchasing 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.

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)".

(PTI)