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19 Nov 2024
Swiggy, the prominent Indian food delivery service backed by SoftBank, is aiming for a valuation of approximately $15 billion as it prepares for its initial public offering (IPO). The company plans to raise between $1 billion and $1.2 billion through this offering, which is expected to be one of the largest IPOs in India this year.
The IPO proceeds are intended to bolster Swiggy's quick commerce division, Instamart, which focuses on delivering groceries and other products rapidly. Swiggy currently operates around 550 grocery warehouses across 35 cities in India. Despite the profitability of its food delivery segment, Instamart is still operating at a loss.
Swiggy competes directly with Zomato in the online food delivery sector, both companies heavily investing in the quick commerce market. Zomato's market valuation has surged to about $28 billion since its IPO in 2021, with its shares more than doubling in value.
Swiggy received shareholder approval for the IPO in April, and its confidential filing is expected to be cleared by the Indian markets regulator soon. Following this, a public prospectus will be filed, with the final valuation subject to change based on market conditions.
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