Swiggy, the Indian food delivery giant backed, is aiming for a valuation of approximately $15 billion for its forthcoming stock market offering, which is expected to raise $1-1.2 billion, according to reports. With the deal, it would be listed among the biggest IPOs in India for this year.
Swiggy got shareholder approval in April for an IPO of up to $1.25 billion and its confidential filing is anticipated to be cleared by the Indian markets regulator within the next month or two. According to the people who asked not to be named since the matter is private, it will file a public prospectus after receiving approval.
The firm is aiming for a valuation of roughly $15 billion, though the final figure may change, they added. Swiggy declined to comment on “any market speculation” in response to a Reuters query.
While Swiggy’s food delivery company is successful, sources claim that Instamart’s grocery delivery business is still loss making. In 35 Indian cities, the firm has over 550 grocery warehouses.
