- Swiggy eyes $1.4B IPO
- Plans to increase fresh issue
- Faces stiff competition in quick-commerce
Upping the Ante
Indian food delivery giant Swiggy is cooking up something big. The Bengaluru-based startup is considering a $150 million increase in its fresh issue component, potentially raising its IPO to a mouth-watering $1.4 billion. This move could make Swiggy’s public debut one of India’s largest listings this year.
From Kitchen to Stock Market
Swiggy’s journey from a food delivery app to a potential stock market darling is nothing short of impressive. Valued at $10.7 billion in early 2022, the company now seeks a $15 billion valuation in its IPO. The startup plans to sell about $800 million worth of shares from existing investors, including heavyweights like Prosus Ventures, SoftBank, and Accel.
Heating Up the Competition
In India’s sizzling food-delivery and quick-commerce market, Swiggy faces fierce competition from rivals like Zomato, Tata-owned BigBasket, and Zepto.
However, Bank of America analysts predict a period of increased competition in the quick-commerce industry over the next 6-12 months. The stage is set for an exciting battle as these platforms expand their offerings and vie for market dominance.
