South Africa: Naspers in Talks to Invest in R2.5bn in Indian Food-Delivery Company

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Naspers is in talks to lead an investment of as much as R2.5bn ($200m) in India’s Swiggy to increase its stake in the online food-delivery company, according to two people familiar with the matter.

Naspers, Africa’s biggest company by market value plans to team up with China’s Tencent Holdings, of which Naspers owns 33 percent, to put together the new financing round, BusinessDay South Africa reported.

The talks come after Larry Illg, the head of Naspers’s new investments unit, told investors at a meeting in New York in December that order volumes at Swiggy have more than doubled year on year and that the global food-delivery industry is still at an early stage of development.

Swiggy is the largest food delivery business in India, and talks between the company, Naspers and Tencent are advanced, according to one of the people.

 

 

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