Zomato rival Swiggy is reportedly set to submit its Draft Red Herring Prospectus (DRHP) to SEBI raise approximately Rs 10,400 crore (around $1.28 billion) through an IPO.
According to a report by Your storyThe food delivery company is expected to file the DRHP from the first week of September 2024.
At what valuation?
The report further mentioned that Swiggy is looking to go public by the current financial year (FY25) and is targeting a valuation of between $15-17 billion.
This projected valuation is about 60% of Zomato’s total market capitalisation. As per data available on the NSE (as of Tuesday), the Deepinder Goyal-led company has a total market capitalisation of Rs 2.3 trillion.
Transition to a public limited company
In April of this year, Swiggy reportedly became from Swiggy Private Limited to Swiggy Limited as part of its preparation for the IPO launch.
In February, the company led by Sriharsha Majety changed its name from Bundl Technologies to Swiggy Private Limited.
How well is Swiggy performing financially?
Despite Swiggy’s claim that its food delivery business will turn profitable from March 2023, the company has faced significant financial losses.
For fiscal year 2023, Swiggy reported a loss of 4.179 croresHowever, it has shown some revenue growth, recording Rs 5,476 crore in operations during the first three quarters of the financial year 2024, along with a loss of about Rs 1,600 crore ($200 million) for the same period, according to Entrackr.
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