Shardul Amarchand Mangaldas has counselled Indian online food delivery company Swiggy on its $1 billion fundraising round, led by South African internet group Naspers Ltd, and including China’s Tencent Holdings, which was advised by L&L Partners and Latham & Watkins.
According to Reuters, this is the biggest-ever funding round in the country’s food-tech sector. Hillhouse Capital and Wellington Management Company also took part in the funding round, together with Swiggy’s existing investors, DST Global, Meituan Dianping and Coatue Management. Naspers invested $660 million in Swiggy during this latest round.
Swiggy, based in the southern Indian tech hub of Bengaluru, is valued at a little over $3 billion after this funding round, Reuters added. Swiggy competes with homegrown riding-hailing firm Ola’s Foodpanda, Uber’s food delivery service, and China’s Ant Financial Group-backed Zomato, which is valued at more than $1 billion.
The L&L team was led by partner Vaibhav Kakkar, who was assisted in the taxation aspects of the transaction by partner Lokesh Shah.
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