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Indian food delivery startup Swiggy is considering increase the fresh take component of its initial public offering by $ 150 million , aim to put up a total of up to $ 1.4 billion in what is shaping up to be one of the enceinte public itemization in India this yr .
The Bengaluru - headquartered startup will ask shareholders to O.K. raising up to ₹ 50 billion ( $ 600 million ) through a sassy issue of shares , up from thepreviously planned $ 450 million , concord to a 15 - page notice for a encounter with shareholders that was register late last hebdomad .
Swiggy , evaluate at $ 10.7 billion in its last fundraise in early 2022 , is considering go ahead with its plan to sell about $ 800 million worth of share from existing investors in the initial public offering , people familiar with the matter told TechCrunch . The startup is attempt a valuation of about $ 15 billion in the IPO , the people say .
Swiggy has scheduled the shareholder group meeting for October 3 to obtain consent for its revise IPO plans , which include both the hypertrophied tonic issue and an offering for sale by existing shareholders . Amerindic news exit Entrackrfirst reportedthe observance .
With investor like Prosus Ventures , SoftBank and Accel among its backers , Swiggy is among the run food - delivery and quick - commerce startups in India . It reported tax revenue of $ 1.4 billion in the financial year ended March 2024 . Its quick commerce service , Instamart , was seeing yearly run - rate rank merchandise value of $ 1 billion , the troupe said at the time .
The startup faces unwavering competition from Zomato , Tata - own BigBasket , and General Catalyst - backed Zepto . “ We see quick - commerce industry going through a phase angle of increased competition in the next 6 - 12 months , ” Bank of America analysts save in a note to investors late last calendar month .
“ Top 3 platform are enter into each other ’s turf . In [ the ] last 6 - 12 month , we have seen the top 3 compeer increase assortment , rent bigger coloured stores and hence provide to high-pitched need ( partly by move part of e - com market to ready com ) . As users are not cost sensitive and already have wider assortment options , it ’s not loose even for these top 3 to gain adhesive friction in other ’s fastness , ” the banker’s bill read .
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Bank of America analysts said last calendar month that Indian firms are poised to raise about $ 11 billion via IPOs and FPOs in the 2nd half of this year .
