The Indian food delivery giant backed by SoftBank, deal would make it one of biggest Indian initial public offerings this year, Reuters reported.
Swiggy faces competition from Zomato in India’s online food delivery market, which includes restaurants and cafes.Both companies have significantly invested in the emerging “quick commerce” sector, where groceries and other items are delivered within a mere 10 minutes.
In April, Swiggy secured shareholder approval for an IPO aimed at raising up to $1.25 billion. The company is expected to receive clearance for its confidential filing from the Indian markets regulator within the next month. Following this approval, Swiggy plans to file a public prospectus.
Swiggy is targeting a valuation of approximately $15 billion, though the final figure may vary, Reuters reported. The food delivery giant did not comment on “any market speculation”.
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