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Reading: Swiggy IPO Values Food Delivery Giant at Steep Discount to Zomato
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Fintech

Swiggy IPO Values Food Delivery Giant at Steep Discount to Zomato

Nicole Kristine Jovero
Last updated: November 5, 2024 1:09 am
Nicole Kristine Jovero
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1 Min Read
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  • Swiggy sets IPO valuation at $11.3B, significantly below rival Zomato’s $26.2B worth.
  • Company plans $1.34B raise through public offering despite market share challenges.
  • The valuation shows modest premium over 2022 private round amid competitive pressures.

Contents
Numbers Paint Challenging PictureMarket Position ShiftsConservative Valuation Strategy

Numbers Paint Challenging Picture

Indian food delivery powerhouse Swiggy announced its IPO pricing at ₹371-390 per share, targeting an $11.3 billion valuation.

This positions the company at less than half the market value of competitor Zomato, currently worth $26.2 billion. The startup plans to raise $1.34 billion through its public debut next month.

Market Position Shifts

The Bengaluru-based pioneer has experienced significant market share erosion.

Despite leading India’s food delivery sector four years ago and launching quick commerce innovations, Swiggy now trails behind Zomato’s Blinkit and Nexus-backed Zepto in the rapid delivery space.

Conservative Valuation Strategy

The targeted valuation represents minimal growth from Swiggy’s last private round at $10.7 billion in early 2022 – falling below recent estimates from mutual fund investors Invesco and Baron.

The offering structure includes $535 million in fresh shares, complemented by existing investor exits.

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