Founded by Bhavish Agarwal and Ankit Bhati in 2010, Ola aims to build mobility solutions for a billion people. Tencent Holdings joined Naspers in a US$1 billion investment in Indian food delivery service Swiggy, which gains a potentially valuable ally in China’s largest social media and gaming company. Earlier this year, Zomato further strengthened its position in food delivery space by acquiring UberEats in India. Swiggy, which competes in the … New Delhi: Chinese internet giant Tencent Holdings Ltd has held talks with several investors to raise $500-700 million for online food-delivery platform Swiggy, the biggest cheque in India’s food-technology sector, reported the Economic Times citing people aware of the development.The fresh investment, if finalised by December, could value Swiggy at $2.5-3 billion. According to experts, this will have major impact on new investments by Chinese players in … Experience Swiggy's superfast delivery for food delivered fresh & on time Restaurants in your pocket Order from your favorite restaurants & track on the go, with the all-new Swiggy app. This is the reason why a majority of Snapdeal’s orders come from tier 2 and tier 3 cities. In the last year alone, Indian startups raised a total of $14.5 billion and out of that $4 billion came from Chinese investors. In order to achieve such lofty goals in such a short time, every company needs cash. Some of Swiggy’s existing investors include DST Global, China’s Meituan Dianping and Coatue Management. View company info, jobs, team members, culture, funding and more. Founded by an 18-year-old college drop-out Ritesh Agarwal in 2012, OYO started as Oravel Stays by adopting Airbnb’s concept but after Ritesh’s stint at Thiel Fellowship, he pivoted to aggregating budget hotels which had a bigger market opportunity in India leading to the birth of OYO in 2013. 2020The Indian Express [P] Ltd. All Rights Reserved. In merely six years, Swiggy now has more than 1,40,000 restaurants on its platform serving 20 million customers in over 500 cities across India. order from your favorite restaurants & track on the go with swiggy. Click here to join our channel and stay updated with the latest Biz news and updates. Like us on Facebook and follow us on Twitter. A food delivery rider for Swiggy, operated by Bundl Technologies Pvt., sits on a motorcycle in Mumbai, India, on Monday, Feb. 3, 2020. BigBasket is one of the few online grocery delivery startups that made it and it also became India’s first grocery delivery unicorn in 2019. Recent product launches. In order to grow at such a pace and compete with the likes of Flipkart and Amazon, Snapdeal had to raise a lot of funds. Founded by Sriharsha Majety, Nandan Reddy and Rahul Jaimini in 2014, Swiggy started its operations as a hyperlocal food delivery platform by partnering up with a few restaurants in Bengaluru. Nearly 70% of the new investment … Founded by Bhavit Sheth and Harsh Jain in 2008, Dream11 is a fantasy gaming platform that enables users to play fantasy games like cricket, football, basketball and hockey. Founders Majety, Jaimini, Reddy have 5.82 per cent, 2.10 per cent, and 2.63 stakes respectively. While OYO has largely remained free of Chinese investors, just last year it received $100 million from Chinese transportation company Didi Chuxing. “Over the last financial year, these four key institutional investors have been steadily divesting a portion of their holdings in Swiggy to incoming investors during successive high-value financing rounds,” Vivek Durai, Founder, Paper.vc told Financial Express Online. A lot of early grocery delivery startups have either failed or had to pivot just to survive. Naspers and Tencent-backed food delivery and discovery platform Swiggy’s earlier and existing investors — Saif Partners, Norwest Venture Partners, Bessemer Venture Partners, Accel Partners and more have been able to make returns worth Rs 1,597 crore ($225 million) by selling parts of their stakes in successive secondary fundraising rounds the company had during FY19, data showed. China’s Tencent in talks for significant investment in Swiggy. Comments from Swiggy, Saif, Bessemer, and Naspers, will be updated as and when received. Dream11 became a unicorn after it raised an undisclosed amount of funds from the Chinese asset management firm Steadview Capital in 2019. Other investors included Harmony Partners, RB Investments etc. Today, Zomato is delivering food across more than 500 cities in India and its restaurant search and discovery business is present in over 10,000 cities across 24 countries, including India. Swiggy may raise as much as $200 million, one of the people said. While Flipkart was led by the Bansals for a decade, it was acquired by the American retail giant Walmart in 2018 for $16 billion, making it the biggest acquisition in the Indian startup ecosystem. We have a sold a small percentage of our stake as secondary in Swiggy. Among the investors who have bought stakes in the company through these secondary transactions were Naspers, Tencent, Hillhouse, Coatur, DST, Wellington Management and China’s delivery platform Meituan Dianping. Like most Indian unicorns, Ola has raised a lot of the funds from foreign investors to support its goals. Swiggy had raised two rounds of funding in FY19 — $210 million around June by DST Global and Naspers along with its international investment unit Prosus and $1 billion in December by Prosus and Naspers during that valued the company at $3.3 billion. Fast forward to today, OYO is not only India’s leading hotel chain but it has expanded its presence globally in the last eight years. For instance, early investors Harmony Partners and RB Investments continue to be on the cap-table even as “only in 2019 did Prosus (Naspers) managed to increase its holding to 38.82 per cent.,” said Durai. View Comments Add Comments. Chinese internet giant Tencent has joined a queue of global investors eyeing shares in India’s online food ordering and delivery giant Swiggy. Apart from Naspers, existing investors who participated in that round included DST Global, Meituan Dianping and Coatue Management. Related; Most Read; Most Shared; Food delivery recovery at pre-Covid levels: Zomato; Zomato makes its takeaway service available to … Bengaluru: Online food delivery orders for Zomato and Swiggy have dropped 70% in the last 10 days to under 1 million a day, as customers step back and top restaurants shut shop amid a lockdown induced by the Covid-19 virus outbreak, said investors, companies and restaurants to ET. Founded by Kunal Bahl and Rohit Bansal in 2010, Snapdeal is a value-focused online marketplace offering products required by the people who are coming online for the first time. Accel Partners couldn’t be reached. According to Crunchbase, Zomato has raised a total of $914.6 million across multiple rounds and Ant Financial alone has invested over $750 million. Till date, Ola has raised $3.8 billion from its investors. In April 2020, Swiggy received around $43 million funding which valued the company at $3.6 billion. Save my name, email, and website in this browser for the next time I comment. India does not have global tech giants like Alibaba, Google, Microsoft, Tencent or Facebook that can invest millions of dollars that are required by Indian startups to grow. Even though Walmart owns 81% of Flipkart, there are still Chinese investors who own minority stakes in the company. IN THE SPOTLIGHT . OYO has more than 43,000 hotels in its portfolio with over 1 million rooms across 800 cities across 80 countries. Since then Alibaba has made a couple more investments in BigBasket. The company caters to over 10 million customers across 25 cities. At the time, online shopping was not as common as it is now and in a sense, Flipkart’s growth from an online bookstore to a full-fledged e-commerce company is synonymous with the adoption of online shopping in India. SIGNALLING A clear investment shift in the food business, money pumped in by Private Equity (PE) and Venture Capital (VC) players in just two online platforms — Zomato and Swiggy — was merely $143 million less than what was invested in the country’s organised restaurant segment over the last five years. Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. However, Alibaba’s financial services company Ant Financial became a stakeholder in Zomato in 2018 with an investment of $200 million. 2,930 Number of Organizations • $73.3B Total Funding Amount • 8,019 Number of Investors. Hong Kong-based SAIF Partners was the first company along with US-based Accel to invest $2 million in its first institutional funding round in 2015. Founded by Sachin and Binny Bansal, Flipkart was started as an online bookstore back in 2007. For the most part of their early days, Zomato’s growth was funded by Indian online giant Info Edge. Chinese technology giant Alibaba owns over 40% stake in Paytm. Today Paytm is more than just a fintech company. Later in 2018, Chinese gaming behemoth Tencent Holdings participated in a massive $1.1 billion funding round along with Softbank and RNT Capital, making it a major shareholder with 10.4% stake in Ola. Till date, OYO has raised $3.2 billion from its investors with Japan’s Softbank being its majority stakeholder with 48% ownership. Swiggy competes with Zomato was reportedly valued at $3 billion following its recent $150 million fundraise from Alibaba’s fintech arm Ant Financial. Swiggy: Restaurants in your pocket. However, Swiggy founders Sriharsha Majety, Nandan Reddy, and Rahul Jaimini made modest returns of Rs 7.1 crore each during FY19. The report claimed that those targeted also include venture capitalists, angel investors, founders and chief technology officers of the country’s promising startups and e-commerce platforms, and foreigner investors based in India. Since then, Chinese giants like Meituan-Dianping, Tencent Holdings and Hillhouse Capital Group have invested an estimated more than $500 million. Founded by Abhinay Choudhari, Hari Menon, Vipul Parekh, VS Sudhakar in 2011, BigBasket is one of India’s largest online food and grocery store offering over 60,000 products from 1,000 brands. Track . However, its success came at a price as the founders had to give up equity to bring in new investors who could help them scale their business. 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Other Chinese investors in Ola include China Eurasian Economic Cooperation Fund and Sailing Capital. The final amount raised by the two companies may change because the talks are at an initial stage. Also read: Amid OYO’s mass layoffs, founder Ritesh Agarwal explains firings; FULL TEXT of letter to staff. Naspers had a maximum stake of 38.82 per cent. Govt should amend rules accordingly. Chinese investments have come under scrutiny recently in … With 80 million users, Dream11 has emerged as India’s largest fantasy gaming platform. The funding round in December had also received contributions from new investors including Chinese conglomerate Tencent Holdings, Hillhouse Capital and Wellington Management Company. Bleak future for Indian start-ups funded by Chinese investors. Earlier in 2018, Tencent Holdings became its first Chinese investor when it invested $100 million into the company. Chinese investors have pumped in an estimated $4 billion into India’s tech startups which includes bets on 18 out of the country’s 30 unicorns, according to a Gateway House report. You have entered an incorrect email address! Also, China holds control over other widely used foreign apps in India, as per the report published in March 2020. Chinese investors have been a part of Swiggy’s journey since its early days. As of 2019, Alibaba Group was still the largest stakeholder with 26.26% stake in the company. However, Swiggy founders Sriharsha Majety, Nandan Reddy, and Rahul Jaimini made modest returns of Rs 7.1 crore each during FY19. While Vijay is the man behind Paytm, he currently owns less than 20% of his own company. Zomato and Swiggy received around 0 million. Swiggys top investors earn Rs 1660 crore by selling partial stakes Naspers top shareholder, Chennai start-up Agnikul inks agreement with Isro to help develop launch vehicle, Over 50 unicorn startups expected in India by 2022: Official, E-commerce order volume up 56% year-on-year this festive season: Unicommerce report, Sun Pharmaceutical Industries Share Price, This website follows the DNPA’s code of conduct. Zomato may raise anywhere between $200 million and $400 million, the other two people said. While earlier press reports had speculated on the conclusion of large secondary transactions but the latest filings vary in certain details. Largest shareholders in Swiggy, Zomato. According to media reports, Ant Financial owns over 20% stake in Zomato, making it one of the largest stakeholders in the company. However, next year is when Chinese conglomerate Tencent Holdings and investment firm Hillhouse Capital bought a stake in Udaan and helped the company raise even bigger funding round bringing in $585 million. Financial Express is now on Telegram. Their technology platform helps small businesses to grow their business by discovering new buyers and sellers offering competitive prices for their products, providing access to capital, new markets, low-cost and reliable logistics and secure payment solutions. It is evident that China has been playing an active role in India’s startup ecosystem for the last 4-5 years. The users can either play these fantasy games for free or win cash prizes while playing. Lottery to be taken as ‘goods’ for the purposes of GST:... Philippines considering making immigration tougher for Chinese nationals due to gambling... Legalize and regulate gambling in India: MoS Finance Anurag Thakur. Founded by former Flipkart employees Sujeet Kumar, Vaibhav Gupta and Amod Malviya in 2016, Udaan offers a technology platform that connects traders, retailers, wholesalers and manufacturers on a single platform. Prior to this, Zomato had raised $150 Mn funding at almost the same valuation from existing investor Ant Financial, which is an affiliate of Chinese ecommerce major Alibaba. Hong Kong-based SAIF Partners was the first company along with US-based Accel to invest $2 million in its first institutional funding round in 2015. In 2018, a $100 million funding was received by Swiggy from Chinese Shopping Platform- Meituan-Dianping and existing investor Naspers and small investments that followed that year led the company’s valuation to over $1 Billion, making Swiggy a member of the prestigious Unicorn Club. The first half of 2020 saw investors including SoftBank and Naspers leading large rounds of funding in unicorn companies even as OYO, Swiggy, Postman, … In February 2019, Swiggy acquired Bengaluru-based AI startup Kint.io. Copyright © 2020 - Sorting Hat Media Networks Private Limited, 18 out of 30 Indian startup unicorns are funded by China, Flipkart’s growth from an online bookstore to a full-fledged e-commerce company, MHRD announces Addition of 4 Kendriya Vidyalayas, Covid-19 aftermath : Tata Motors to remove 1,100 jobs from Jaguar Land Rover (JLR) to save money. From Paytm, Flipkart to Swiggy, big Indian startups are stuffed with Chinese money Chinese companies are one of the biggest investors in India’s startup space. “Over the last financial yea. With the changes in India’s foreign direct investment (FDI) policy and PM Modi’s call for going ‘vocal for local’, it is worth introspecting the scale of Chinese investment in Indian startups. First Chinese investment in Ola came from Steadview Capital in 2014. Swiggy and Zomato are in talks with at least three new investors each to raise more capital, the people said. Online grocery delivery is one of the toughest markets to crack as it has low margins and high churn rates. The reason for growing foreign investment and more importantly Chinese investment in Indian startups is simple. Earlier this month, Swiggy raised $43 million in a funding round amid reports of food delivery companies in India facing a plunge ... Chinese investors have come in the form of both corporates such as Alibaba and Tencent and pure-play investment firms such as Shunwei Capital and Hillhouse Capital. Till date, BigBasket has raised over $1 billion and most of which has come from foreign investors. Despite … The Chinese company was one of several investors that just contributed to a $1 billion round of funding for Indian food delivery app Swiggy. Swiggy was founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaiminiin in 2014 and is headquartered in Bangalore, Karnataka, India. The data shared by business signals platform Paper.vc revealed that Saif Partners made the highest return of Rs 438 crore ($61 million) followed by Rs 401 crore ($56 million) earned by Norwest, $312.8 crore ($44 million) secured by Bessemer, and Rs 178.8 crore ($25 million) by Accel Partners by offloading parts of their stakes. Saif Partners made the highest return of Rs 438 crore. It has ventured into e-commerce with the launch of Paytm Mall in 2016, wealth management with Paytm Money and online gaming with Paytm First Games in 2018. Founded by Vijay Shekhar Sharma in 2010, Paytm started as online recharge platform for prepaid mobile, DTH and data card with an initial investment of $2 million from the founder himself. In China, Tencent runs an instant messaging platform WeChat, which is an equivalent of WhatsApp, and a host of gaming apps and ecommerce businesses. “Swiggy has performed tremendously and provided exceptional returns. Ola is doing this through its ride-hailing platform that connects over 1.5 million drivers with millions of customers serving more than a billion rides every year across 250 cities in India and also countries like Australia, New Zealand, and the UK. Despite partial stake sale Accel, Saif and NVP are the second, third, and fourth biggest shareholders in Swiggy with 7.99 per cent, 7.21 per cent, and 6.25 per cent respectively. Recognizing the toll of millions of vehicles on the environment, the company has also started its latest venture Ola Electric which aims to bring 1 million electric vehicles on the roads by 2021. Meituan-Dianping, a Chinese food-to-flights startup, is quietly increasing its exposure to India. It was later rebranded as Zomato in 2010 and started food its delivery service in 2015. Swiggy competes with Zomato was reportedly valued at $3 billion following its recent $150 million fundraise from Alibaba’s fintech arm Ant Financial. Till date, Flipkart has raised $7.7 billion from multiple investors and talking about Chinese investors we have investors like Tencent Holdings and Steadview Capital who have invested an estimated $300 million in the company. Founded by Deepinder Goyal and Pankaj Chaddah in 2008, Zomato started as a search and discovery platform for restaurants in the Delhi-NCR region as Foodiebay. Swiggy received $100 million from China-based Meituan-Dianping and Naspers in 2018 and a string of investments boosted the company's valuation to over a $1 billion. Swiggy Investments & Acquisitions (5) Company Name Deal Date Deal Type Deal Size Industry Lead Partner; 0000000 (0000 0000: 07-Apr-2020: 00000 00000 00: 000.00: Food Products: 00000 000000: 0000: 04-Feb-2019: 000000000000000000: Multimedia and Design Software: 00000 0000000: 0000000: 01-Aug-2018: 000000000000000000 : 000: Business/Productivity Software: 000000000 000000: 0000 … Chinese investors have been a part of Swiggy’s journey since its early days. While taking a closer look, you realize that 18 out of 30 Indian startup unicorns are funded by China. Till date, Swiggy has raised a total of $1.6 billion across multiple rounds. Gurugram-based online food ordering and delivery platform Zomato's largest investor is Ant Financial, a subsidiary of China-based giant Alibaba, while Bengaluru-based online food ordering platform Swiggy's largest shareholder is South African e-commerce group Naspers (now called Prosus). 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