Naspers to lead fresh funding round in Swiggy; Cipla to back Medlife

Naspers to lead  fresh funding round in Swiggy; Cipla to back Medlife
Photo Credit: Photo Credit: VCCircle
2 Aug, 2019

Online food delivery startup Swiggy is close to raising $750 million in a funding round led by Naspers. US retail behemoth Walmart is likely to back fresh produce supply chain Ninjacart with $50 million.

Swiggy may raise $750 mn

Foodtech unicorn Swiggy is likely to raise $750 million (around Rs 5,206 crore at the current exchange rate) led by its existing investor Naspers, Mint reported.

Cape Town-based media giant Naspers is planning to invest around $350 million (around Rs 2,430 crore at the current exchange rate) while a consortium of Korean investors including STIC Investments and Korea Omega Investment will invest another $50 million. The remaining amount is expected to come from other existing investors. 

Swiggy will use the funds to expand its footprint in new regions and strengthen its two new platforms, Swiggy Stores and Swiggy Daily, the report said. 

The online food ordering market in the country is pegged to grow over 16% year-on-year to touch $17.02 billion by 2023, according to a business consultancy firm Market Research Future. 

Walmart may invest $50 mn in Ninjacart

US-based retailing giant Walmart is planning to invest $50 million (around Rs 347 crore at the current exchange rate) in business-to-business (B2B) agri-marketing platform Ninjakart, according to a report by The Economic Times.

The first tranche of $10 million (around Rs 69.44 crore) is likely to close in the next three weeks and Walmart will get a board seat in NinjaCart as part of the transaction, the report said.

Walmart said there will be no direct integration of NinjaCart with Flipkart’s grocery arm. Flipkart is majority-owned by Walmart.

Cipla to back e-pharmacy Medlife 

Mumbai-headquartered pharmaceutical company Cipla is in talks to invest around Rs 170 crore ($24.5 million) in Bengaluru-based health-tech startup Medlife International, The Economic Times reported.

Medlife sells medicine online and offers lab tests and doctor consultations.

Medlife is one of the largest players in its segment in terms of sales, with Rs 1,000-1,200 crore annually, the ET report added. Other online pharmaceutical startups are NetMeds and PharmEasy.