Food delivery giant Swiggy is gearing up for one of the largest Initial Public Offerings (IPO) of the year, with plans to raise between $1 to $1.2 billion.
Backed by Softbank, Swiggy is targeting a massive valuation of approximately $15 billion (around ₹1.25 lakh crore) for this IPO. This move could mark one of the most significant IPOs of 2024.
Swiggy received approval from its shareholders in April to raise up to $1.25 billion through the IPO.
The company is currently awaiting approval from SEBI, the market regulator, which is expected within a month or two.
Once approved, Swiggy will submit its final documents to SEBI, finalizing the IPO launch date.
Swiggy’s main competitor, Zomato, is already listed on the stock market and has made substantial investments in the quick commerce sector.
Swiggy plans to use the funds raised from the IPO to expand its Instamart business and open more storage facilities, intensifying its competition with Zomato in delivering groceries and other products within minutes.
Swiggy’s last funding round in 2022 valued the company at $10.7 billion. In contrast, Zomato’s market cap has soared to around $28 billion since its listing in 2021.
Goldman Sachs highlighted in April that the quick commerce segment currently accounts for 45% of India’s online grocery market, valued at about $5 billion, and this share could rise to 70% by 2023.
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