Swiggy, one in every of India’s largest meals supply and fast commerce startups, is searching for a valuation of as much as $11.three billion in its preliminary public providing, marking a 57% low cost to rival Zomato’s market cap.
The lossmaking Bengaluru-based firm has set an IPO value band of ₹371 to ₹390 ($4.41-$4.64) per share for subsequent month’s IPO. At the higher finish, the valuation would symbolize solely a modest premium to its $10.7 billion non-public market worth from early 2022 — falling wanting current valuations by mutual fund traders Invesco and Baron.
Swiggy goals to lift $1.34 billion, with $535 million from recent share issuance and the rest by way of current investor exits. Swiggy, which led India’s meals supply market 4 years in the past and pioneered fast commerce, has since misplaced important market share in each segments. In fast commerce, it now ranks third behind Zomato’s BlinkIt and Nexus-backed Instamart.
Zomato, which just lately introduced plans to lift as much as $1 billion by way of a certified institutional placement, at present instructions a market cap of $26.2 billion.
