Financial Insights

Swiggy appoints bankers to deliver its IPO

Swiggy has formally initiated the process of launching its IPO worth nearly $1 billion by appointing JP Morgan and ICICI Securities as lead bankers for its offering. More bankers could be added later on as the IPO is said to hit the markets by the end of FY23.

Swiggy is a food delivery service which rivals the giant Zomato. In a recent fundraising round, the company managed to raise $700 million at a valuation of $10.7 billion which made the company larger than Zomato. Swiggy is said to be larger than zomato as it is currently investing in Instamart, its q-commerce platform which delivers goods to customers in 15-20 mins. Other platforms under its name are Swiggy Genie, a pick up and drop service & Supr Daily. It also runs a subscription programme for its customers under the name Swiggy One.

Swiggy IPO’s timing, amount and other variables could change over time as they are early estimates. The company is backed by several big names like Proscus Ventures, Softbank etc. The company is in talks to acquire Dineout, the restaurant reservation platform, to take on Zomato’s restaurant reservation business in a deal said to be worth around $200 million.

Swiggy has been working hard to recover its losses from the pandemic, to aggressively grow its user base and improve customer experience. The Indian food services market is at stake, which could grow to around $97 billion in the next 5 years according to certain analysts.

Highlight by Aman Agarwal.

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