Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Swiggy, the food delivery platform, is reportedly planning to file for its initial public offering (IPO) as early as this week, according to sources familiar with the situation. The IPO could raise over $1 billion, although the exact size and timing are still under discussion and subject to change. The Bengaluru-based company is currently awaiting approval from the Securities and Exchange Board of India before proceeding.
Founded in 2014, Swiggy collaborates with more than 150,000 restaurants across India, competing with rivals like publicly listed Zomato, Amazon India, and Tata Group's BigBasket. Backed by SoftBank Group, Swiggy’s IPO would follow a trend of companies aiming to capitalize on India’s economic growth and the demand from global investors. So far this year, companies have raised around $7.8 billion through IPOs, surpassing totals from the last two years.
More major listings are anticipated in the near future, including Hyundai Motor's planned IPO of its Indian unit, which could be one of India's largest, and LG Electronics, which is preparing for a potential listing of its Indian business that could raise up to $1.5 billion.
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