Japan’s SoftBank Group is reportedly planning to invest $450m in Indian food delivery company Swiggy through the SoftBank Vision Fund II.

According to media reports, this investment is expected to take Swiggy’s valuation before the investment to $5bn.

The investment needs to be approved by the Indian antitrust regulators.

SoftBank and Swiggy officials didn’t comment on the media reports.

If approved, the investment would be the second biggest received by the Indian firm this month.

Earlier this month, Swiggy raised $800m through a Series J funding round.

In an internal memo to employees at that time, Swiggy founder Sriharsha Majety said that the funding round saw Amansa Capital, Think Investments, Falcon Edge Capital, Carmignac and Goldman Sachs joining as new investors, with participation from existing investors Prosus and Accel as well.

In the letter, Majety said: “The food delivery business is the strongest it’s ever been, and we are now well on our way to drive continued growth over the next decade. In addition, some of our new bets like Instamart are showing amazing promise while we have also made strides in setting up some of our other adjacencies for lift-off very soon.”

In December 2020, Swiggy’s business competitor Zomato reportedly raised $660m in a primary financing round, which valued the company at $3.9bn.

The round was joined by ten new investors including Tiger Global, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae and Steadview.

The news of the investment from SoftBank Vision Fund II comes as Swiggy’s competitor Zomato is nearing its initial public offering.