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Swiggy has received SEBI approval for its initial public offering (IPO) after filing draft share sale documents.
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The food delivery platform is likely to raise over $1 billion from its IPO, expected to launch in November.
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Swiggy may seek a valuation of around $15 billion, with its food delivery business being profitable, but Instamart grocery delivery still loss-making.
Swiggy, India’s leading food delivery platform, has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). According to sources, the company may launch its IPO in November, although no final decision has been made. Swiggy aims to raise over $1 billion from its IPO, which will help fuel its growth and expansion plans.
Founded in 2014, Swiggy partners with over 150,000 restaurants across India, making it one of the largest food delivery platforms in the country. The company reported Rs 5,476 crore in revenue from operations and a Rs 1,600 crore loss during the first three quarters of FY24. While Swiggy’s food delivery business is profitable, its Instamart grocery delivery segment remains loss-making.
Swiggy’s IPO comes after its nearest peer, Zomato, which is valued at around $27-28 billion. Swiggy may seek a valuation of around $15 billion, considering its growth prospects and market share. The company received shareholder approval for its IPO in April and has been backed by investors like Softbank.
With SEBI approval in place, Swiggy’s IPO is expected to generate significant interest from investors. The company’s growth story, coupled with its profitable food delivery business, makes it an attractive investment opportunity.
