Once-dominant Swiggy seeks $11.3B value at IPO, less than half Zomato’s worth

Fundings and Exits

Swiggy, one of India’s largest food delivery and quick commerce startups, is seeking a valuation of up to $11.3 billion in its initial public offering, marking a 57% discount to rival Zomato’s market cap.

The lossmaking Bengaluru-based company has set an IPO price band of ₹371 to ₹390 ($4.41-$4.64) per share for next month’s IPO. At the upper end, the valuation would represent only a modest premium to its $10.7 billion private market value from early 2022 — falling short of recent valuations by mutual fund investors Invesco and Baron.

Swiggy aims to raise $1.34 billion, with $535 million from fresh share issuance and the remainder through existing investor exits. Swiggy, which led India’s food delivery market four years ago and pioneered quick commerce, has since lost significant market share in both segments. In quick commerce, it now ranks third behind Zomato’s BlinkIt and Nexus-backed Zepto.

Zomato, which recently announced plans to raise up to $1 billion through a qualified institutional placement, currently commands a market cap of $26.2 billion.

Products You May Like

Articles You May Like

In just 4 months, AI coding assistant Cursor raised another $100M at a $2.5B valuation led by Thrive, sources say
Sustainable Ocean Alliance marks 10 years with ocean-friendly startup label and a new batch of ‘ecopreneurs’
OpenAI’s GPT-5 reportedly falling short of expectations
Apple reportedly developing foldable iPhone and iPad
Five years later, Netflix hit with Dutch data access fine

Leave a Reply

Your email address will not be published. Required fields are marked *