L&L Partners acted for and advised Singapore-based Amansa in its investment in Swiggy in latest rounds of funding

By LE Staff

New Delhi, May 17: L&L Partners’ Corporate Structuring team recently acted for and advised Amansa Investments Ltd., an investment fund based in Singapore, in their investment in Bundl Technologies Private Limited (Swiggy) with regard to its Series I-2 and Series J rounds of funding, at a post-money valuation of over Rs 37,700 crore (USD 5 billion crores). 

The transaction was in the nature of a subscription of securities of the Company. Under the Series I-2 round, Swiggy raised over Rs 3,200 crore (USD 442 million) with participation of investors such as Naspers, Wellington, Falcon Edge, and Amansa. Under the Series J Round of funding, Swiggy raised over Rs 2,600 crore (USD 365.5 million) with participation of investors such as Think Investments, Carmignac, Amansa and Goldman Sachs, the law firm said in a statement. 

L&L partners said it acted as legal counsel to Amansa and advised them on all the legal aspects of the transaction at various stages of the deal, as well as, certain commercial aspects, wherever necessary, including drafting and finalizing of the shareholders agreement and the share subscription agreements for both Series I-2 and Series J Round.  

The transaction team was led by Mr. Vaibhav Kakkar and Mr. Snigdhaneel Satpathy (Partners), along with Mr. Debarpan Ghosh (Senior Associate), Ms. Mincy Mathew and Mr. Prabal De (Associates).  

As Amansa was a new investor in Swiggy, the team engaged in multiple rounds of negotiations with the Company to ensure the rights of the client are protected across multiple transaction documents vis-à-vis the existing investors of the company. The Firm advised on all legal aspects of the investment – including reviewing the latest due diligence report and advising on the review, negotiation, finalization and execution of the definitive transaction documents to the closing of the transaction. Given the multiplicity of investors and interests, the team had to quickly turnaround several iterations of the transaction documents, the firm said. 

Further, it was the parties’ intention that the transaction be closed within very short span of timeline post signing. The team assisted the client in aspects relating to closing of the transaction, had several rounds of discussions with company and did a quick turnaround for ensuring that the transaction is consummated within desired timelines, the statement said.  

Significance of the deal  

The law firm said the transaction enables its client, Amansa, to establish its presence in a key market sector that is primed for growth in the years to come. The food-delivery sector is perceived as one of the biggest upcoming sectors in India. This deal would enable Swiggy to expand its market presence, given the competition that it faces with other food delivery centric companies such as Zomato, Uber Eats and Food Panda. This in turn would deliver enhanced value for its investors, including Amansa, the statement said.   

About Swiggy

Swiggy is a leading market player in the online food-delivery market, which is one of the fastest growing sectors in India. Swiggy is engaged in the business of operating an online platform, through its website (www.swiggy.com) and mobile application, which connects restaurants with customers to provide delivery of food, groceries and other allied services. Currently, the company connects consumers to over 1,25,000 restaurant partners and provides its services in more than 500 cities.  

Swiggy is also in the process of expanding its operations and venturing into the business of delivery of consumer goods. This expansion of business operations has been done to augment its revenues and provide Swiggy a competitive edge in the market.