Indian food delivery startup Swiggy eyes $1 billion IPO

Indian food delivery mogul Swiggy has hired bankers and formally launched the process to raise nearly $1 billion (7,690 crores)in an initial public offering (IPO) by hiring investment banks ICICI Securities and JP Morgan as lead managers.

The food delivery startup, which was valued at $10.7 billion in its Series K funding round in January of 2022, is looking to raise as much as $1 billion in the IPO, which the firm plans to file in the first half of next year, people familiar with the matter reported.

Swiggy’s IPO timing and the exact amount of funding it wishes to raise from the public market are likely to change depending on market conditions and other factors, the source reported, adding that the Bangalore-based startup will be raising at least one more large financing round before the IPO.

Swiggy’s chief rival Zomato went public last year, and it’s no secret that the firm has been eyeing its own apparent IPO for some time. The startup has told several investors that it is preparing for an IPO in recent quarters. Several pre-IPO and late-stage investors such as IIFL AMC Late Stage Fun, Invesco, and Axis Growth invested in the startup’s most recent funding round.