- 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.
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.
