Swiggy prepares for $800 million IPO early next year: Report

Food delivery platform Swiggy is eyeing $800 million initial public offering (IPO) early next year, as per a report by Nikkei Asia. The IPO preparation comes in hopes to raise the funds to expand market share amid tough rivalry with Zomato. The company plans to position itself as a logistics company, and not just a food delivery firm, the report added.

Swiggy recently turned decacorn by raising $700 million in a funding round led by Invesco. The funding round valued the food delivery startup at $10.7 billion, more than rival Zomato, following $1.25 billion round in July 2021 at a valuation of $5.5 billion, a 50% jump from the valuation of $3.6 billion in April last year. Decacorns are privately-held firms that have a valuation of $10 billion or more.

Investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group, and…

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