Swiggy Gearing Up For IPO
NEW DELHI, (IANS) – Online food delivery platform Swiggy’s co-founder and CEO Sriharsha Majety has said that all preparations are underway for its mega Initial Public Offering (IPO), via which it is likely to raise $1 billion later this year.
“We’ve been preparing for our IPO. We’ve added independent directors to the board and there are all kinds of preparations that are on,” Majety said.
For its IPO process, the company is likely to have picked seven investment banks, including American ones, Citi and JPMorgan, among others.
Swiggy is getting ready to go public after its competitor Zomato went public in 2021.
According to Majety, Zomato’s listing has helped Swiggy gain a better understanding of retail investors and how they perceive the food delivery market, the report mentioned.
“There is no denying that it (Zomato being listed) makes life easier for us. There’s much to learn in terms of how one manages communication as a public company, how one manages guidance as a public company, what gets more scrutiny and what doesn’t,” Majety said.
Meanwhile, Swiggy’s investor Prosus, in its financial filing, stated that Swiggy’s core food-delivery business grew 17 percent and delivered gross merchandise value of $1.43 billion in the first half of FY24.
The food delivery market in India is booming. There were 65 lakh online food delivery orders from Zomato, Swiggy and others on the New Year’s Eve 2023, setting a record and delivering 18 per cent higher volumes than the New Year’s Eve 2022, a report said.