BENGALURU - Swiggy, the Bengaluru-based food delivery giant, is gearing up for its initial public offering (IPO) by the end of the current fiscal year. The company is in the process of finalizing plans for a pre-IPO placement and intends to file a draft with the Securities and Exchange Board of India (SEBI) between March and April.
CEO Sriharsha Majety has set a target to raise $1 billion through the IPO and is currently working with financial powerhouses such as Citi and JPMorgan (NYSE:JPM) to navigate the process. Prosus (OTC:PROSF), a major investor in Swiggy, is anticipated to pare down its stake during the public offering.
Swiggy has demonstrated significant growth, reporting a Gross Merchandise Value (GMV) of $1.43 billion in the first half of the fiscal year 2024. Notably, the company achieved profitability by March 2023, when employee stock options are excluded from the calculations.
The Indian online food delivery market, in which Swiggy is a dominant player, continues to show robust demand. This was evident as the market experienced a record-breaking number of over six million orders on New Year's Eve 2023, highlighting the sector's potential and Swiggy's role in it.
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