Alternative investment
Mirae Asset leads $23 mn funding for Indian food delivery startup
By Apr 08, 2020 (Gmt+09:00)
1
Min read
Most Read
Samsung shifts to emergency mode with 6-day work week for executives
CJ CheilJedang to sell feed, livestock unit for $1.4 bn
Affinity to buy SK Rent-a-Car at $572 mn, more deals expected
Keppel REIT to sell Seoul-based prime office T Tower
Samsung Electronics' key M&A man returns; big deals in the offing
Mirae Asset Daewoo Co. Ltd. has led a $23 million investment in Indian food delivery platform Swiggy by South Korean companies in their first investment in the startup.
Mirae Asset’s Indian unit, Ark Impact Asset Management Co. Ltd. and two venture capital firms - Korea Investment Partners Co. Ltd. and Samsung Venture Investment Co. Ltd. – participated in the financing, according to investment banking sources on April 7.
That is part of the $43 million funding that Swiggy has recently raised from its existing investor Tencent and the four Korean companies for business expansion.
The latest financing brought its total fundraising to $1.42 billion since its inception in 2014 and valued the company at $3.6 billion.
It came on top of the $113 million the Indian startup had secured in February from Prosus Ventures, its largest investor, and others as part of the ongoing Series I round.
“Swiggy has established itself as No.1 player in India’s duopolistic food delivery market, and appears to have room to improve its profitability significantly,” said one of the Korean investment companies sources. “We made the investment on expectations of further increase in its corporate value.”
India’s food delivery market is expected to continue to grow with the increasing smartphone and Internet penetration into the population of nearly 1.4 billion.
Swiggy has been expanding delivery services into fresh food, medicine and household items.
Meanwhile, Mirae Asset Global Investments Co. Ltd. invested $150 million in the US meat substitutes producer Impossible Foods Inc. in March.
Write to Chaeyeon Kim and Gowoon Lee at why29@hankyung.com
Mirae Asset’s Indian unit, Ark Impact Asset Management Co. Ltd. and two venture capital firms - Korea Investment Partners Co. Ltd. and Samsung Venture Investment Co. Ltd. – participated in the financing, according to investment banking sources on April 7.
That is part of the $43 million funding that Swiggy has recently raised from its existing investor Tencent and the four Korean companies for business expansion.
The latest financing brought its total fundraising to $1.42 billion since its inception in 2014 and valued the company at $3.6 billion.
It came on top of the $113 million the Indian startup had secured in February from Prosus Ventures, its largest investor, and others as part of the ongoing Series I round.
“Swiggy has established itself as No.1 player in India’s duopolistic food delivery market, and appears to have room to improve its profitability significantly,” said one of the Korean investment companies sources. “We made the investment on expectations of further increase in its corporate value.”
India’s food delivery market is expected to continue to grow with the increasing smartphone and Internet penetration into the population of nearly 1.4 billion.
Swiggy has been expanding delivery services into fresh food, medicine and household items.
Meanwhile, Mirae Asset Global Investments Co. Ltd. invested $150 million in the US meat substitutes producer Impossible Foods Inc. in March.
Write to Chaeyeon Kim and Gowoon Lee at why29@hankyung.com
Yeonhee Kim edited this article
More to Read
-
Pension fundsNPS loses $1.2 bn in local stocks in Q1 on weak battery shares
Apr 21, 2024 (Gmt+09:00)
-
Private equityPrivate markets open to more high-net-worth individuals: Hamilton Lane
Apr 16, 2024 (Gmt+09:00)
-
InfrastructureInfrastructure secondaries continue to rise amid inflation: Stafford
Apr 09, 2024 (Gmt+09:00)
Comment 0
LOG IN