Swiggy IPO In 2024? Swiggy Starts Negotiating With Banks For Launching IPO Next Year


Shreya Bose

Shreya Bose

Aug 28, 2023


Swiggy is planning to launch a 2024 stock market listing and has enlisted bankers to assess its valuation.

Swiggy IPO In 2024? Swiggy Starts Negotiating With Banks For Launching IPO Next Year

IPO plans renewed

It was valued at $10.7 billion in its last fundraising in 2022.

However its plans, like many Indian startups, had to be put on hold thanks to a pandemic-infused overall slowdown. 

It has now rebounded, calling as much as eight top profile names to pitch in with the IPO.

It has planned an IPO listing window between July and September 2024.

Picking suitable partners

It is banking on the last funding round’s valuation of $10.7 Bn as a reference point for its IPO strategy.

This means that it is yet to decide on stake sale or the final valuation.

Earlier this year the CEO had declared profitability as of March 2023.

Financials

“As of March 2023, Swiggy’s food delivery business has turned profitable (After factoring in ALL corporate costs; excluding employee stock option costs),” Swiggy CEO co-founder and CEO Sriharsha Majety claimed.

In FY22, the company posted a consolidated loss of INR 3,629 Cr and a revenue of INR 5,704.9 Cr.

Of this, INR 3,444.4 Cr came from the food delivery business.

Competing against Zomato 

Meanwhile rival Zomato turned profitable in the first quarter of FY24 with a consolidated profit after tax (PAT) of INR 2 Cr.

This translates to a growth of 54.8% thus far, signaling a return of investor confidence in India’s financial markets.

This comes after a consolidated net loss of INR 186 Cr in the corresponding quarter of the previous fiscal.

Zepto zooming ahead

Yet another startup dealing with online grocery Zepto reported a fundraise of $200 million pegged at a valuation of $1.4 billion.

This propelled it to become the first Indian startup to turn unicorn after a spell of funding drought in the startup sector. 

Back to Swiggy

The Softbank-backed Swiggy is directly involved in the planning process.

However, it hasn’t decided on a potential stake sale or final. 

Invesco, a minor shareholder, valued it at around $5.5 billion.

It has promising prospects, since it has assured its core food delivery business had turned profitable even as its newer grocery delivery service, Instamart, has been on a downward trajectory.


Shreya Bose
Shreya Bose
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