Swiggy plans to launch IPO later this year, aiming to raise $1.25B with new shares at $450M and existing shares at $800M.
Swiggy, an Indian food delivery powerhouse, targets an IPO of $1.25B with approval from shareholders. It plans to issue $450M in new shares and sell $800M from existing shareholders. Positioned in Bengaluru, Swiggy challenges Zomato and newly emerging Zepto.
"Despite Zomato being a late entrant in the food delivery market, it has gone from a laggard in CY19 to gaining market share in the duopoly. Both players were similar size in CY20 at $1.2Bn," Bernstein analysts. Swiggy controls nearly 46% of the market, with a $2.57B GMV in 2023.
Swiggy's valuation climbed over $12B with backing from major investors like Prosus and SoftBank. Initially slated for a 2023 IPO, it was postponed due to market conditions. Swiggy's 2022 valuation was $10.7B.
Zomato and Zepto also vie for market dominance. Zomato's acquisition of Blinkit for $568M boosted its quick commerce business. Meanwhile, Zepto's annual sales are expected to hit $1.2B, challenging Swiggy's Instamart and Zomato's Blinkit in the instant commerce space.
Will Swiggy's IPO boost its market lead?
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