Food delivery firm Swiggy is considering filing for its domestic initial public offering as soon as this week, Bloomberg reported citing people familiar with the matter.
Swiggy may be targeting to raise more than $1 billion in its IPO, the report said, adding that the company is waiting to get approval from India’s Securities and Exchange Board of India (SEBI).
Details of the offering such as size and timing are still under discussion and subject to change.
Last week, Entrackr reported that Swiggy’s board passed a special resolution to issue equity shares worth up to $602 million (Rs 5,000 crore), subject to shareholder approval at its EGM meeting scheduled for October 3.
According to an earlier report in Reuters, the company is targeting a valuation of around $15 billion for its upcoming stock market offering. Its last funding round, led by Invesco in 2022, valued it at $10.7 billion. The company also secured strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites recently.
Swiggy is reportedly planning to list on the bourses by the end of this year. The deal would make it one of the biggest Indian initial public offerings (IPOs) this year.
With the rising use of smartphones and attractive discounts on offer, food delivery platforms have become increasingly popular in India. Currently, the segment, which is expected to breach the $10-billion GMV mark by 2025, is dominated by two players—Swiggy and Zomato.
To gain a bigger share of the market, both Swiggy and Zomato have been experimenting in areas including grocery delivery, competing with players such as Zepto and Dunzo.
Zepto has raised about $1 billion in funding in 2024 alone from investors including General Catalyst, Dragon Fund, Epiq Capital, StepStone, Lightspeed, DST, and Contrary. It was valued at $5 billion in the last funding round.
Meanwhile, Swiggy’s revenue grew 36% from Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24. Moreover, its losses were down 44% to Rs 2,350 crore in the same period.
