Swiggy IPO Plans: Food delivery company Swiggy is also preparing to bring IPO, plans to raise Rs 6,000 crore
Swiggy IPO Plans: After Zomato, the second food delivery company Swiggy is also preparing for listing in the stock market. Swiggy is preparing to bring an IPO of $ 800 million i.e. Rs 6,000 crore.
According to media reports, Swiggy has increased its valuation to $ 10.7 billion in the latest funding round, which is double. Swiggy wants to project itself as a logistics company, not just food delivery. The company has started the process of appointing independent directors before bringing the IPO. Let us tell you that Swiggy is a softbank group backed company.
In 2021, Swiggy’s rival company Zomato was listed in the stock market, which got a great response. However, Zomato has shown a very disappointing performance since the listing. Zomato’s IPO came at a price of Rs 76 per share, which after going up to Rs 169 is now trading close to Rs 80. The company’s order value growth in the third quarter has disappointed. Comparing the sales of Swiggy and Zomato, Swiggy showed sales of $ 250 million in the month of December while Zomato has shown sales of $ 733 million in the October to December quarter.
Be it the food delivery business in India, the grocery delivery business has shown tremendous growth during the Corona epidemic. Swiggy has also forayed into the quick commerce delivery segment wherein it is being challenged by Reliance Industries-backed Dunzo, the Big Basket of the Tata Group.