Swiggy IPO Expected Between July and September 2024: Report

• ByStartupStory     |    August 26, 2023

Online food and grocery delivery company Swiggy is reportedly resuming its plans for an initial public offering (IPO) after pausing earlier this year due to unfavorable market conditions. 

The company aims to have its IPO on Indian stock exchanges between July and September 2024. The startup, based in Bengaluru, was last valued at $10.7 billion after raising $700 million. It has engaged in discussions with banks to determine its valuation for the IPO. While it is using its previous funding round’s valuation as a reference, it has not yet finalized the stake sale or overall valuation for the IPO. 

Swiggy has reached out to eight investment banks, including Morgan Stanley, JP Morgan, and Bank of America, to present their proposals in early September for assisting with the IPO. Initially planning a public listing in September 2023, Swiggy postponed it due to uncertain economic conditions. 

The company also added three independent directors to its board in preparation for the IPO. Swiggy’s food delivery business became profitable in March, making it one of the few global delivery platforms to achieve profitability within nine years of inception. However, recent market fluctuations have led to several reductions in the company’s valuation. Notably, Invesco, a major investor, decreased the value of its stake in Swiggy to $5.5 billion, and Baron Capital lowered the valuation by 10% in May. 

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