Swiggy Targets $15 Billion Valuation for Upcoming IPO

Indian food delivery giant Swiggy, backed by SoftBank, is preparing for an initial public offering (IPO) aimed at raising $1-1.2 billion, with a targeted valuation of around $15 billion, according to sources familiar with the matter. The IPO, expected to be one of India’s largest this year, follows shareholder approval in April to raise up to $1.25 billion. The company’s confidential filing is anticipated to be cleared by the Indian markets regulator soon, with a public prospectus to follow.

Swiggy, a major player in India’s online food delivery sector, competes closely with Zomato and has made significant investments in the quick commerce market, where groceries and other products are delivered in as little as 10 minutes. The company plans to use the IPO proceeds to expand its quick commerce Instamart business and open additional warehouses to strengthen its market position.

Despite profitability in its food delivery segment, Swiggy’s Instamart grocery delivery remains loss-making. The company currently operates around 550 grocery warehouses across 35 Indian cities. With the rapid growth of quick commerce, it is positioning itself to capture a larger share of the expanding $11 billion online grocery market, which is expected to grow significantly by 2030.

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