The homegrown food delivery giant Swiggy has finally won its permission from SEBI after it had filed the draft share sale documents it made confidential, based on the Moneycontrol report. While the final decision is yet to be made, Swiggy’s IPO might open in November and the company may expect over $ 1bn fund raising.
Founded in 2014, Swiggy is functioning as a delivery executive company for food reaching over 150000 restaurants to the world’s most populous country -India. At the same time, the Bengaluru-based company backed by Softbank may set a price-earnings ratio of about $15 billion at IPO. Swiggy had earlier obtained the shareholder nod for the IPO in April 2024.
In terms of money, Swiggy has grossed a total of ₹5,476 crore and a net loss of ₹1,600 crore between the two earliest three quarters of this fiscal yr 2024. Nevertheless, Swiggy’s core food delivery segment is already up for profitable, but its new grocery delivery arm called Instamart remains unprofitable. In its regard, Swiggy’s biggest competitor to date is Zomato, which currently is valued at around $27-28 billion’.
This comes as the Indian food delivery app is seeking to deepen its market dominance as food delivery becomes an increasingly popular industry in the country. If the IPO goes ahead as planned, it will be one of the biggest in India’s technology sector.
