It took SoftBank several years, but the Japanese investment giant is now ready to bet on India’s food delivery market. Swiggy said on Tuesday it has closed a $1.25 billion financing round led by SoftBank Vision Fund 2 and Prosus.

— Techcrunch

Masayoshi Son-led SoftBank Vision Fund II has invested $450 million in food delivery platform Swiggy (Bundl Technologies Private Limited) leading the company’s massive $1.25 billion Series J round of fundraising, with India’s antitrust watchdog, the Competition Commission having greenlit the transaction a few days ago. It is expected that this investment will see Swiggy’s valuation soar to nearly $5.5 billion.

Rajaram Legal advised SoftBank Vision Fund II as transaction counsel, led by a team of managing partner Archana Rajaram, partner Prasad Subramanyan, senior associate Nikita Rajwade and associate Raina Jog. This would be the first recorded mandate for fast-growing Rajaram for the Japanese private equity giant, which has worked with many big firms including Khaitan & Co, AZB & Partners, Trilegal.

Khaitan & Co acted for SoftBank as competition law counsel, with a team including partners Bharat Anand, Pranjal Prateek and Sagardeep Rathi, and associates Alisha Mehra and Armaan Gupta.

Shardul Amarchand Mangaldas advised long-time client Swiggy, led by a team of partner Raghubir Menon, principal associate Shiladitya Banerjee and associate Pranav Sethi. A team comprising of partner Manika Brar and principal associate Supritha Prodaturi represented Swiggy on the competition law aspects of the transaction.