Lagatar24 Desk
New Delhi, Feb 22: Swiggy, the Indian food delivery service sponsored by SoftBank Group, has begun planning an IPO to raise at least $800 million early next year, according to the Nikkei on Tuesday, citing people familiar with the subject.
According to the report, Swiggy has began adding independent directors to its board of directors and wants to present itself as a logistics company rather than just a food delivery service.
Swiggy’s current investment round increased its worth to $10.7 billion, according to Reuters, which cited sources.
Meanwhile, Swiggy’s competitor Zomato Ltd, which had a strong market debut last year, has failed to maintain its momentum. In the third quarter, it recorded sluggish order value growth.
During the pandemic, there was a surge in demand for food and grocery delivery in India.
Swiggy’s grocery delivery business, Instamart, is now competing with companies like Blinkit and Zepto, which guarantee 10-minute deliveries to entice customers.
