Naspers wants bigger Swiggy

Naspers is planning to increase its stake in Indian online food-delivery business Swiggy as the startup plots its third fund-raising round of the year, according to people familiar with the matter.

Naspers has indicated that it intends to support a financing that could raise more than $600 million, Swiggy’s biggest to date, according to the people close to the issue.

There’s also an opportunity to buy stakes from investors such as Bessemer Venture Partners, they said, asking not to be identified as the information isn’t public.

Tencent, the Chinese internet giant in which Naspers owns a 31% stake, is also planning to invest in the fundraising, according to one of the people.

Swiggy’s value has risen to more than $2 billion after Naspers led two previous funding rounds to become the firm’s biggest shareholder, according to the people.

Naspers had a 22% stake as of the end of March.

It hasn’t made a final decision on whether to take part in the latest financing and may yet opt against it, one of the people said.

Naspers declined to comment. The story was first reported by VC Capital website. – Bloomberg