Foodtech
Swiggy IPO Expected Between July and September 2024: Report
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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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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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