Indian online Food Delivery service Swiggy is touted to raise around $200m from South African Internet group Naspers in order to combat rivals Zomato and Foodpanda in India.
Naspers may further form a strategic alliance with Chinese internet giant Tencent, which could come in as another investor, the Economic Times reported.
The news comes after Japan's SoftBank ended talks to invest up to $250m in Swiggy to pick up a minor stake. The bank acquired a 20% stake in Uber last week, bolstering Swiggy rival Uber Eats.
Earlier, Alibaba and its payment arm Ant Financial's plan to merge Zomato and Swiggy failed due to strategic and valuation differences.
Meanwhile, Uber's rival Ola gobbled up Foodpanda India to fatten up the competitive food delivery market.
