Swiggy Targets Rs 3,750 Crore in IPO, Set for Major Indian Listing

Swiggy, the food delivery giant backed by SoftBank, announced on Thursday its plan to raise Rs 3,750 crore ($448.56 million) through its upcoming initial public offering (IPO). This move positions the company for one of India’s largest stock market debuts this year.

According to Swiggy’s draft prospectus, existing investors such as Accel India and Tencent Europe will offload around 185.3 million shares. The Bengaluru-based company has been eyeing this public listing for some time, and its timing coincides with a thriving IPO market in India. So far, 198 companies have raised $7.1 billion this year as of September 4, more than twice the figure during the same period in 2022.

Swiggy, backed by global investors including Prosus and Japan’s SoftBank, is a key player in India’s competitive online food delivery space, where it rivals Zomato. Both companies have also ventured into the fast-growing “quick commerce” segment, which promises to deliver groceries and other essentials within 10 minutes.