The Japanese Internet conglomerate SoftBank Group Corp. is in preliminary negotiations to invest in food delivery and restaurant discovery platform, Zomato Media Pvt Ltd.
The report says that SoftBank has discussed business figures regarding Zomato’s three main business lines and its international expansion plans for the coming years.
In its recent round of financing, Zomato raised $200 Million from Alipay, a payment subsidiary of Chinese e-commerce giant Alibaba, with a valuation of more than $1 Billion.
It was also reported that SoftBank was already in talks to invest in Zomato’s rival Swiggy, led by Bundle Technologies Pvt, based in Bengaluru.
Swiggy had raised $100 Million in his most recent round of financing, led by South African Internet and entertainment group Naspers.
The move comes as SoftBank reportedly still has to decide to sell its more than 20% stake in Flipkart to US dealer Walmart.
SoftBank, which owns a minority stake in Alibaba, has invested heavily in Internet companies in India in recent years. Both the companies have also invested in the online retailer Paytm Mall.
On the other side, Bengaluru-based auto parts manufacturer Sansera Engineering Pvt. Ltd. is seeking investment banks to manage the IPO, as per the three people who are aware of the development.
The company is seeking to raise Rs 750–1,000 Crore and expects an estimate of approximately Rs 3,000 Crore, the report adds. The IPO would include a new issue and a secondary sale of shares.
As of March 31, 2017, the founders owned approximately 48% of the company and The Rohatyn Group a 51% stake. Rohatyn, an emerging market-focused asset management firm, won Sansera’s share when it took over Citigroup Venture Capital International in 2013. The PE division of Citigroup Inc. acquired a 51% stake in Sansera in July 2013.