Samsung plans to invest in Swiggy

Si TeamSamsung Venture Investment Corp (SVIC), the investment arm of smart phone manufacturer Samsung Electronics, is in talks to invest $7-$10 million (about Rs 50-Rs72 crore) in Swiggy a well reputed food delivery company according to sources. This investment will be part of Bengaluru-headquartered Swiggy’s ongoing Series 1 financing round led by Naspers, the largest stakeholder in the company, along with Hadley Harbour and Meituan.

No updates have been heard since the Swiggy spokes person declined to comment and Samsung has not responded.
Soon Swiggy updated that Naspers had led a $113 million funding round which was a part of a larger $150 million fundraise handled by the company with the South African investor alone putting in about $100 million. Samsung Venture Investment Corporation’s investment in Swiggy will be at the same valuation at about $3.6 billion. Naspers holds about 40.6% stake in Swiggy, while Meituan owns 6.35% of the company.

SVIC has also co-led a Rs.100 crore plus financing round in Stelling Technologies which owns and operates inter-city transportation startup IntrCity by RailYatri along with Nandan Nilekani. IntrCity by RailYatri’s other existing investors, Omidyar Network and early-stage venture capital firm Blume Ventures have also participated in the latest financing round. The 9 year old company has made about $30 million and will use it to upgrade its IntrCity SmartBus network and face-lift its technology platform.

“We intend to expand our SmartBus fleet to 300 from the current 84 in the next few months and are on track for a managed fleet of 2,000 by 2022,”said Manish Rathi the chief executive of IntrCity by RailYatri . Samsung Venture Investment Corporation made its debut deal in India when it announced an $8.5 million investment amongst 4 startups last year.