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Flipkart considered buying a stake in Swiggy to enter the quick-commerce market, but talks failed due to disagreements over valuation.
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Swiggy plans to go public with a $1.25 billion IPO, while Flipkart plans to start its own quick-commerce service next month.
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The food delivery market in India is highly competitive, with Swiggy and Zomato being the main players.
Flipkart, a leading e-commerce company, had talks with Swiggy, a popular food delivery service, to explore a potential partnership. The idea was for Flipkart to buy a majority stake in Swiggy, but they couldn’t agree on the value of the company. This deal would have allowed Flipkart to enter the quick-commerce market, which is a growing sector in India.
Despite the failed talks, Swiggy is moving forward with plans to go public with a massive $1.25 billion initial public offering (IPO). This will help the company raise funds to compete in the highly competitive food delivery market. Meanwhile, Flipkart is planning to start its own quick-commerce service next month, which will likely heat up the competition in the sector.
The food delivery market in India is a significant sector, with Swiggy and Zomato being the main players. According to reports, Zomato holds around 54% of the market share, while Swiggy holds the rest. The sector is expected to continue growing, with estimates suggesting it could be worth $133 billion in the coming years.
