Swiggy Aiming For $1 Billion IPO At $10 Billion Valuation; Can Acquire This Startup
One of the leading food delivery platforms of India, Swiggy, has now hired bankers to prep for its IPO next year.
Swiggy has been valued at $10.7 billion in its Series K financing in January this year.
In addition to that, another startup, Dine Out, will probably be taken over by Swiggy as well.
Swiggy To Raise $1 Billion In IPO; Will Take Over Dine Out?
The food delivery platform is looking to raise $1 billion in the IPO, and the IPO will be filed by the first half of next year.
As per a news report, “Food delivery giant Swiggy is in the final stages of acquiring Times Internet’s online restaurant table booking service platform Dineout. The deal is expected to be valued between $150 Mn and $200 Mn.”
Dineout is India’s largest dining out and restaurant tech solutions platform.
In February this year, we reported that Swiggy is planning to position itself as a logistics company in addition to their current position as a food delivery service. For this reason, Swiggy has been adding more independent directors to its board. Swiggy has actually doubled its valuation to $10.7 billion in its latest funding round.
On July 14, the initial public offering (IPO) of Zomato opened for subscription. With this move, the food-tech unicorn is planning to raise Rs 9,375 crore at a price band of Rs 72–Rs 76 via its maiden issue.
This issue consists of fresh equity worth Rs 9,000 crore and an offer for sale (OFS) of Rs 375 crore from its promoter Info Edge as well. In addition to this, the food company has also set aside approximately 6.5 million shares for its employees.
Swiggy has also been hard at work to improve its finances, and in the quarter that ended last September, Swiggy had made up for all the losses it suffered in the pandemic.
Swiggy Becomes Decacorn; Surpasses Zomato’s Valuation
In January this year, Swiggy became India’s newest decacorn- a company with a valuation of $10 billion and above. Swiggy surpassed Zomato’s valuation after raising $700 million at a valuation of $10.7 billion, up from $5.5 billion.
Its latest funding round was led by US-based investment firm Invesco and saw participation from new investors such as Baron Capital Group and Kotak, among others. The company said in a statement that its food delivery business nearly doubled in gross order value (GOV) in the last year.
The company said that it took Instamart just 17 months to achieve in GMV (Gross Merchandise Value) what its food delivery business managed in 40 months.