Sun Sep 15 10:30:09 UTC 2024: ## Swiggy, India’s Food Delivery Giant, Plans Billion-Dollar IPO

**Bengaluru, India** – Indian food delivery platform Swiggy is gearing up for a major public offering, aiming to raise over $1 billion. The company, which partners with over 150,000 restaurants across India, is expected to file for its domestic IPO as early as this week, according to sources familiar with the matter.

Swiggy’s move comes amidst a surge in initial public offerings (IPOs) in India, with over $7.8 billion raised through share sales already this year. This surpasses the total raised in the past two years, indicating a strong appetite for investment in the country’s booming economy.

Swiggy, backed by SoftBank Group Corp., faces stiff competition from companies like Zomato, Amazon India, and Tata Group’s BigBasket. However, the company’s strong market position and the growing demand for online food delivery in India are expected to attract significant investor interest.

The IPO details, including the size and timing, are still under discussion. However, the company is awaiting approval from India’s Securities and Exchange Board of India (SEBI) before formally filing for the IPO.

Swiggy’s IPO is anticipated to be a major event in the Indian market, adding to a list of upcoming listings including Hyundai Motor Co.’s local unit and LG Electronics Inc.’s Indian business. This wave of IPOs underscores the continued optimism surrounding India’s economic growth potential and its attractiveness to global investors.

Read More