Swiggy, backed by SoftBank, is gearing up for an IPO with a target valuation of around $15 billion, aiming to raise $1-1.2 billion, according to reports.
The company secured shareholder approval for the offering in April. Swiggy's food delivery business is profitable, but its grocery arm, Instamart, remains unprofitable. This move follows a 2022 funding round that valued Swiggy at $10.7 billion. Meanwhile, competitor Zomato recently announced the acquisition of Paytm's entertainment and ticketing business for Rs 2,048 crore, signaling its expansion into lifestyle services.