Swiggy, the Bengaluru-based food delivery giant and rival to Zomato, is reportedly preparing to file its draft red herring prospectus (DRHP) with India’s Securities and Exchange Board (SEBI), according to a report by Bloomberg. The company is expected to launch its highly anticipated initial public offering (IPO) as early as this week, aiming to raise more than $1 billion from the listing.
The IPO filing represents a significant milestone for Swiggy, which has grown from a food delivery startup to a diversified platform offering services such as grocery delivery and on-demand services. The funds raised from the IPO will likely support its expansion plans and reinforce its competitive position in India’s rapidly growing food delivery and e-commerce sector.
However, the Bloomberg report also indicated that Swiggy may revise the issue size of the IPO, which is still under discussion. The final amount raised could vary depending on market conditions and investor demand.
Swiggy’s IPO plans come amid increasing investor interest in India’s tech startups, especially in the wake of Zomato’s successful IPO in 2021. As Swiggy gears up for its public debut, the company is seeking to capitalize on its strong market position and diversify its revenue streams beyond food delivery, focusing on categories like quick commerce.
Pending approval from SEBI, Swiggy’s IPO will mark another major event in the Indian startup ecosystem, potentially attracting significant attention from both domestic and international investors. If successful, Swiggy’s public listing could set the stage for further growth, innovation, and competition in the dynamic Indian online food and services sector.
