New Delhi: Swiggy is targeting Evaluation The company plans to raise about $15 billion in the upcoming stock market offering, and plans to raise $1 billion to $1.2 billion through it. IPO,
The Indian food delivery giant backed by SoftBank's successful deal will become one of India's biggest initial public offerings this year, Reuters reports.
Swiggy is facing competition from zomato In India's online food delivery market, which includes restaurants and cafes, both companies have made significant investments in the emerging “instant commerce” sector, where groceries and other items are delivered within just 10 minutes.
In April, Swiggy received shareholder approval for an IPO aimed at raising up to $1.25 billion. The company expects to receive approval for its confidential filing from the Indian market regulator within the next month. Following this approval, Swiggy plans to file a public prospectus.
Swiggy is targeting a valuation of around $15 billion, though the final figure could vary, Reuters reports. The food delivery giant did not comment on “any market speculation.”
Zomato's share price has seen significant growth since its initial public offering in 2021, more than doubling to a market capitalization of approximately $28 billion.
Invesco led Swiggy's most recent funding round in 2022, resulting in the company's valuation rising to $10.7 billion. Swiggy's food delivery business is profitable; however, its grocery delivery service, InstamartThe company is still running at a loss, Reuters reports.
The company currently maintains around 550 grocery warehouses across 35 cities in India.
(with inputs from agencies)
The Indian food delivery giant backed by SoftBank's successful deal will become one of India's biggest initial public offerings this year, Reuters reports.
Swiggy is facing competition from zomato In India's online food delivery market, which includes restaurants and cafes, both companies have made significant investments in the emerging “instant commerce” sector, where groceries and other items are delivered within just 10 minutes.
In April, Swiggy received shareholder approval for an IPO aimed at raising up to $1.25 billion. The company expects to receive approval for its confidential filing from the Indian market regulator within the next month. Following this approval, Swiggy plans to file a public prospectus.
Swiggy is targeting a valuation of around $15 billion, though the final figure could vary, Reuters reports. The food delivery giant did not comment on “any market speculation.”
Zomato's share price has seen significant growth since its initial public offering in 2021, more than doubling to a market capitalization of approximately $28 billion.
Invesco led Swiggy's most recent funding round in 2022, resulting in the company's valuation rising to $10.7 billion. Swiggy's food delivery business is profitable; however, its grocery delivery service, InstamartThe company is still running at a loss, Reuters reports.
The company currently maintains around 550 grocery warehouses across 35 cities in India.
(with inputs from agencies)