Swiggy, one of India’s leading food delivery platforms, is set to make a significant move by filing for its initial public offering (IPO) as early as this week. According to reports, the company aims to raise more than $1 billion, with a potential valuation of around $15 billion. This move is expected to make it one of the largest Indian IPOs in 2024.
Backed by SoftBank, Swiggy had previously received shareholder approval for the IPO in April, targeting up to $1.25 billion in funds. The IPO proceeds are anticipated to be used for expanding Swiggy’s quick commerce arm, Instamart, as the company intensifies its competition with rival Zomato in the growing rapid delivery space. Swiggy already operates over 550 grocery warehouses across 35 Indian cities to support this endeavor.
Swiggy’s IPO comes amid a broader interest in India’s booming food delivery market and the quick commerce sector, which is forecasted to grow substantially over the next few years. With over 150,000 restaurant partners across the country, Swiggy has become a dominant player in the space since its founding in 2014. Additionally, this IPO is expected to attract global investor attention, reflecting confidence in India’s digital economy (mint)(ET NOW).
Comments 5