💰 Big Raise Ahead of IPO
Swiggy has raised $606M from over 75 anchor investors as part of its $1.35B IPO. This brings the Indian food delivery giant closer to its target valuation of $11.3B. The IPO is set to be India’s second-largest of 2023. Investor interest was high, with bids reaching $15B for the $600M anchor portion alone. This funding positions Swiggy as a major player in India’s competitive food delivery sector.
🇮🇳 Heavy Domestic Investment
Indian institutional investors received 56% of Swiggy’s anchor allocation. Eight of the country’s top 10 mutual funds participated in the round. Major Indian financial entities such as SBI, ICICI, Kotak, and HDFC took part, showing strong local support. This domestic backing could boost Swiggy’s appeal to retail investors, who will soon get a chance to participate in one of India’s most anticipated IPOs.
🌎 International Investor Confidence
Global heavyweights like BlackRock, Fidelity, Norges Bank, BNP Paribas, and HSBC also joined Swiggy’s anchor round. Their participation underscores confidence in Swiggy’s growth trajectory and market potential in India. These firms are betting on the continued expansion of food delivery and quick commerce, sectors that Swiggy dominates alongside competitors like Zomato and Zepto.
📊 Preparing for a Strong IPO Debut
Swiggy’s backers include some of the biggest names in venture capital, such as Prosus, SoftBank, Accel, and Coatue. With a significant base of institutional support, Swiggy’s IPO debut is expected to draw attention from retail investors. This listing could establish Swiggy’s dominance in India’s delivery market while reinforcing its competition with Zomato, its key rival, and the emerging quick-commerce startup Zepto.
Will Swiggy’s IPO outperform Zomato’s market debut?
