SoftBank-backed Indian food delivery giant Swiggy is eyeing a monster IPO. The company is gunning for a valuation of about $15 billion to raise $1 billion to $1.2 billion. This will be among the biggest initial public offerings this year in India. Swiggy is engaged in a stiff battle for market share in the Indian online food delivery marketplace with Zomato. Both companies have poured millions into the fledgling quick commerce sector, promising to deliver groceries and other goods in 10 minutes or less. Swiggy has already secured shareholder approval for listing and will shortly file a public prospectus with the regulator. It will use money raised through the issue for scaling its Instamart business to wrest a top position in the brutal battle for supremacy in the quick commerce market.
Swiggy Eyes $15 Billion Valuation for IPO, Aims to Fuel Quick Commerce Growth
