Naspers is set to invest $2bn in India's Swiggy

The company is also looking to expand its presence in India.

Africa’s largest company by market value, Naspers, is set to increase its shareholding in Indian online food-delivery business Swiggy, according to a report by Bloomberg.

A successful investment by Naspers would make it Swiggy’s third fund-raising effort so far this year.

Naspers, according to Bloomberg, has indicated that it intends to support a financing that could raise more than $600 million (R8.5 billion), Swiggy’s biggest to date. 

There’s also an opportunity to buy stakes from investors such as Bessemer Venture Partners, people familiar with the matter told Bloomberg. Tencent, the Chinese internet giant in which Naspers owns a 31 percent stake, is also planning to invest in the fundraising.

Naspers is said to be targeting India for more investments as the company seeks to replicate a blockbuster early bet on Tencent.

Naspers is already exposed to the food delivery industry, as its assets include Germany’s Delivery Hero AG and Brazil’s iFood. The company plans to invest in another Indian food company called Hungerbox, a tech-enabled corporate catering company, a source told Bloomberg.