NEW DELHI: Foodtech firm Swiggy, which was last valued at $10.7 billion, is reportedly targeting a valuation of $15 billion valuation for its initial public offering (IPO). The company, which competes with Zomato, is working to launch a mega IPO of $1 - $1.2 billion.
On Friday, one of Swiggy’s investor 360 One valued Swiggy at $ 11.5 billion. Other investors, however, sees the Bengaluru-based company at much higher valuation. Invesco had last valued Swiggy at $12.3 billion while Baron Capital valued the firm at $15.1 billion. Swiggy was valued at $10.7 billion after its last funding round in 2022.
In April, Swiggy’s shareholders had approved the much awaited public issue. The company’s confidential filing may receive approval from capital market regulator Sevu in the coming weeks.
According tote filing, the IPO offer will include a fresh issue of shares worth Rs 3,750 crore and an offer-for-sale (OFS) component worth Rs 6,664 crore.
Swiggy will use the initial public offer (IPO) proceeds to expand its quick commerce Instamart business and open more warehouses to increase its competitiveness.
Goldman Sachs said in April that quick deliveries accounted for $5 billion, or 45 per cent, of India’s $11 billion online grocery market.