Swiggy Set to Raise $1 Billion in IPO After SEBI Approval

25 Sep 2024 , 05:02 PM

Swiggy has received approval from SEBI for its confidential IPO filing, according to sources reported by Moneycontrol. The IPO may launch in November, though no final decision has been made yet. Swiggy is expected to raise over $1 billion through the initial public offering.

Founded in 2014, Swiggy partners with over 150,000 restaurants across India for food delivery services.

The company may target a valuation of around $15 billion for the IPO. In April, Swiggy’s shareholders approved the company’s plans to launch an IPO.

Swiggy reported a revenue of ₹5,476 Crore and a loss of ₹1,600 Crore during the first three quarters of FY24.

The company’s food delivery segment is profitable, while its grocery delivery arm, Instamart, continues to incur losses. Swiggy’s main competitor, Zomato, currently has a market valuation of approximately $27-28 billion.