Bengaluru, September 26, 2024 — Swiggy, the leading food delivery platform backed by Prosus and Japan’s SoftBank, has announced plans to raise ₹3,750 crore (approximately $448.56 million) in its upcoming initial public offering (IPO). This listing is poised to be one of the largest in India this year, as the IPO market continues to thrive.
Founded in 2014, Swiggy partners with over 150,000 restaurants across India, positioning itself as a key player in the competitive online food delivery sector, where it primarily competes with Zomato. In its draft prospectus, Swiggy disclosed that existing shareholders, including Accel India and Tencent Europe, will sell around 185.3 million shares.
Booming IPO Market
Swiggy’s IPO comes at a time when the Indian market is witnessing a significant surge in public offerings. As of early September, 198 companies have collectively raised $7.1 billion, more than double the amount raised in the same timeframe last year. This growing trend reflects increasing investor confidence in the tech and food delivery sectors.
Quick Commerce Revolution
Both Swiggy and Zomato are capitalizing on the burgeoning quick commerce segment, focusing on rapid deliveries of groceries and other essentials within 10 minutes. This trend has transformed the landscape of online deliveries, pushing both companies to innovate and expand their offerings.
As Swiggy prepares for its IPO, the spotlight will be on how it plans to navigate the competitive dynamics of the food delivery market and leverage its established brand to drive future growth.
