Swiggy goes to Softbank to fight off Zomato 👀

Swiggy closed a mammoth $1.25 billion Series J round led by Softbank and Prosus Ventures, at a $5.5 billion valuation — days after rival Zomato locked bids for its IPO from the public.

Softbank alone brought $450 million to the party. Fresh funds will go towards expansion of the core delivery biz, while doubling down on non-food verticals. Can’t hold out that IPO for long now…

Big picture — more than $40 billion came chasing the Zomato IPO, which confirms to late stage investors that the line for bag holders downstream is quite long. Rounds will keep coming for a while!