Key Points
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...
Swiggy competes with Zomato 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..
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"...
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...
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