Foodtech

Swiggy Set to Launch $1 Billion IPO Amid Surge in Indian Share Sales

• ByStartupStory     |    September 16, 2024

Bengaluru-based food delivery platform Swiggy Ltd. is reportedly preparing to file for its domestic initial public offering (IPO) as early as this week, according to sources familiar with the matter. The highly anticipated move would further fuel India’s already robust pipeline of share sales.

The IPO is projected to raise over $1 billion, although the specifics regarding the offering’s size and timing remain under discussion and subject to change, said the sources who chose to remain anonymous as the details are not yet public. Swiggy is currently awaiting approval from India’s Securities and Exchange Board of India (Sebi) to proceed with the filing.

A representative from Swiggy did not immediately respond to a request for comment.

Founded in 2014, Swiggy has established itself as a major player in the Indian food delivery market, partnering with more than 150,000 restaurants across the country. It competes with other industry giants, including public-listed Zomato Ltd., Amazon.com Inc.’s India unit, and Tata Group’s BigBasket.

The company, backed by SoftBank Group Corp., is set to join a growing list of local and international firms looking to capitalize on India’s economic growth and investor interest. According to Bloomberg data, approximately $7.8 billion has been raised through IPOs so far this year, surpassing the total proceeds of each of the past two years.

The IPO frenzy is expected to continue with other significant listings on the horizon. Hyundai Motor Co. is planning to sell shares in its Indian unit this year, potentially marking one of the largest-ever listings in the country. Additionally, LG Electronics Inc. is considering a listing of its Indian business that could raise up to $1.5 billion, as reported by Bloomberg News.

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