Swiggy targets $15 bln valuation in India IPO, sources say
Swiggy India IPO will be one of country's biggest so far in 2024
Swiggy competes in quick commerce, food delivery
Firm eyes IPO fund raise for adding more warehouses-sources
By Aditya Kalra
NEW DELHI, Aug 23 (Reuters) -SoftBank-backed Indian food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion, three people familiar with the matter said.
The deal would make it one of biggest Indian initial public offerings this year.
Swiggy competes with Zomato ZOMT.NS in India's online restaurant and cafe food deliveries sector, and both have made major bets on the new so-called quick commerce boom where groceries and other products are being delivered in 10 minutes.
Swiggy received a shareholder approval in April for an IPO that would raise up to $1.25 billion and its confidential filing is expected to be cleared by the Indian markets regulator within a month or so. Following the approval it will file a public prospectus, according to the people, who declined to be named as the matter is private.
The company is targeting a valuation of around $15 billion though the final figure can change, they said.
Swiggy said in response to a Reuters query that it could not comment on "any market speculation".
Its last funding round, led by Invesco in 2022, valued it at $10.7 billion.
One of the sources said Swiggy aimed to use IPO proceeds to expand its quick commerce Instamart business and open more warehouses to better compete with Zomato.
Zomato's shares have more than doubled since listing in 2021 and it has a market valuation of around $28 billion.
Goldman Sachs said in April quick deliveries accounted for $5 billion, or 45%, of India's $11 billion online grocery market and forecast the segment to reach a 70% share of that market by 2030.
Reuters in June reported that Swiggy was increasingly focusingon its Instamart business.
Swiggy's food delivery business is profitable but grocery delivery Instamart business is still loss making, sources say. The company has around 550 grocery warehouses in 35 Indian cities.
FACTBOX-India's biggest 2024 IPOs as stock markets boom https://www.reuters.com/markets/asia/indias-biggest-2024-ipos-stock-markets-boom-2024-07-29/
Focus-Indians get hooked on 10-minute grocery apps, squeezing small retailers https://www.reuters.com/business/retail-consumer/indians-get-hooked-10-minute-grocery-apps-squeezing-small-retailers-2024-06-11/
Reporting by Aditya Kalral; Additional reporting by Nandan Mandayan
Editing by Tomasz Janowski
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