Swiggy's IPO Gets SEBI Approval, Potential Launch in November
Swiggy, a prominent food delivery platform in India, has received approval from the Securities and Exchange Board of India (SEBI) for its confidential filing of draft share sale documents, according to a report by Moneycontrol. While no final decision has been made, sources suggest that Swiggy's IPO may launch in November. The Bengaluru-based company is expected to raise over $1 billion through its initial public offering.
Founded in 2014, Swiggy partners with more than 150,000 restaurants across India, facilitating food delivery in the world's second-most populous nation. The company, which is aiming for a valuation of around $15 billion, received shareholder approval for its IPO launch in April.
Swiggy, backed by Softbank, reported a revenue of Rs 5,476 crore from operations and a loss of Rs 1,600 crore during the first three quarters of the financial year FY24. Its closest competitor, Zomato, is currently valued at around $27-28 billion. While Swiggy's food delivery business is profitable, its grocery delivery arm, Instamart, is still incurring losses.