BENFALURU: IPO-bound food delivery platform Swiggy, which was earlier targeting a USD 15 billion valuation, is now aiming for a valuation of USD 12.5 billion-USD 13.5 billion for its upcoming IPO due to market volatility.
As per reports, this cut is due to market volatility and also the ongoing correction in stock markets. When TNIE asked about it, Swiggy didn’t respond to the query.
Meanwhile, reports also indicate that Swiggy, which competes with Zomato, might make its D-street debut in the second week of November. Recently, US asset manager Invesco raised the platform’s valuation to about USD 13.3 billion.
Invesco holds a 2% stake in the company. Swiggy’s revenue from operation as of June 30, 2024 stood at Rs 3,222.217 crore compared to Rs 2,389.818 crore reported in the year-ago period. Founded in 2014, Swiggy launched its quick commerce platform Instamart in August 2020.
Amid the festive season, Zomato has increased its platform fee in certain cities. Swiggy is also said to have hiked its platform fee. Zomato in a regulatory filing said, “We have indeed increased the platform fee yesterday (Wednesday) across certain cities. Such changes in our platform fee are a routine business matter and are done from time to time and may vary from city to city.”
Swiggy has also introduced Swiggy Seal, an initiative aimed at raising hygiene and food quality standards across lakhs of restaurant partners on its platform. It has teamed up with agencies like Eurofins, Equinox, and others to offer restaurants access to professional hygiene audits at exclusive rates, it said.
Swiggy has introduced the Swiggy Seal badge in Pune and will roll it out to other cities soon. Also, the platform recently topped the list of Fairwork India Ratings 2024 with a cumulative score of 6/10. The platform was ranked second in 2023.
The ranking, which evaluates the working conditions of platform workers across the country, highlights Swiggy’s ongoing commitment to improving the working conditions of its delivery partners in the fast-evolving platform economy.