- Swiggy secures approval to raise $1.25B in upcoming IPO, joining India’s IPO frenzy.
- $450M from fresh shares, $800M from existing investors’ stakes to be offloaded.
- Valued at $12B, Swiggy plans $90M pre-IPO anchor round for foodtech giant.
Foodtech titan takes a bite of IPO
Pie India’s foodtech decacorn, Swiggy, has obtained shareholder approval to raise a staggering US$1.25 billion in its upcoming stock market debut, joining the country’s IPO frenzy.
Of the ambitious target, US$450 million will come from fresh share issuance, while existing investors are expected to offload US$800 million worth of their holdings. However, Swiggy has yet to file IPO documents with the Securities and Exchange Board of India.
Appetizer before the main course
Swiggy plans to raise roughly US$90 million from anchor investors in a pre-IPO round, according to reports. The company, valued at over US$12 billion, holds nearly half of India’s food delivery market share.
With services spanning over 600 Indian cities, Swiggy boasted a gross merchandise value of US$2.6 billion in 2023. It employs around 375,000 delivery staff and sees 16 to 17 million users transacting monthly.
Though profitable, Swiggy faces stiff competition in the quick commerce space from rivals like Zomato and Zepto.
To read the original article: https://www.techinasia.com/swiggy-aims-raise-125b-planned-ipo
