Food delivery platform Swiggy to launch $800 Million IPO

According to a latest report by sources, food delivery platform Swiggy is aiming to launch an $800 Million IPO by early 2023. Amidst the rivalry with Zomato, the IPO is expected to help the platform in expansion. According to the report, Swiggy wants to become a logistics company and not just a food delivery platform.

Recently, the company raised $700 million in a round led by Invesco. The total valuation of the company was revised upwards to $10.7 billion, turning it into a decacorn. Interestingly, the valuation of the company is now more than its rival Zomato.

For the unversed, decacorns are companies with a valuation of more than $10 billion. 

The move comes at a time when its rival Zomato's shares have been touched historic lows after stellar listing, amidst high volatility in Indian share markets. The valuation of Zomato has also declined rapidly. Along with it, Paytm shares and Nykaa shares have also seen a big dip in their share price.

The revenues of the food tech giant reported a 27 per cent fall in FY21 due to Covid-induced lockdown, according to a report by Mint. The revenue of the company fell to Rs 2,547 crore from Rs 3,468 crore in FY20. The consolidated total income was down 28% to Rs 2,676 crore.

Currently, the company is competing using Swiggy Instamart with Zepto and Blinkit to give grocery delivery in less than 10 minutes.