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News on Medial
Indian food delivery firm Swiggy restarts IPO plans, aims for 2024 listing- sources
Reuters
·
1y ago
Medial
Swiggy, the SoftBank-backed food delivery company, is reportedly considering a 2024 IPO and has engaged with investment banks, including Morgan Stanley, JP Morgan, and Bank of America, to assess its valuation. The company, which recently turned its food delivery business profitable, had previously halted its IPO plans due to market conditions. Swiggy aims to list between July and September 2024 and is using its last funding round valuation of $10.7 billion as a benchmark, though final valuation and stake sale decisions are pending.
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Swiggy IPO planned in 2024, investment bankers picked
Livemint
·
1y ago
Medial
Swiggy, backed by SoftBank, is reportedly considering Kotak Mahindra Capital, Citi, and JP Morgan for senior roles in its upcoming IPO. Additionally, Bofa Securities, Jefferies, ICICI Securities, and Avendus Capital are expected to be potential advisors for the IPO. The company aims to debut on the stock market in 2024 after previously postponing its listing plans due to market conditions. Swiggy is the second-largest player in the food delivery and grocery delivery markets and was valued at $10.7 billion in its last funding round in 2022.
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Swiggy ups fresh issue in IPO as Prosus cuts offer for sale
VCCircle
·
9m ago
Medial
Food delivery platform Swiggy has increased the amount it plans to raise through its upcoming initial public offering (IPO), while shareholder Prosus has reduced the number of shares it will sell. Swiggy aims to raise INR 11,300 crore ($1.5bn) in its IPO, with INR 4,499 crore coming from the fresh offering of shares. Prosus, which holds a 30.95% stake in Swiggy, will now sell 109.1 million shares in the IPO. The food delivery firm had previously sought to raise about INR 3,750 crore via the fresh issue. The IPO will be open for public investment between 6 and 8 November.
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IRCTC partners with Swiggy for delivery of pre-ordered meals at railway stations
Livemint
·
1y ago
Medial
The Indian Railway Catering and Tourism Corporation (IRCTC) has partnered with food delivery platform Swiggy to offer pre-ordered meal delivery for passengers via the IRCTC e-catering portal. Initially, the service will be available at four railway stations, with plans for expansion. This move follows IRCTC's previous tie-up with Zomato for food delivery at selected railway stations. The collaboration is expected to benefit Swiggy, which is gearing up for an IPO with a target valuation of $11 billion and hopes to raise around ₹8,300 crore in 2024.
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Swiggy targets $15 billion valuation in IPO
Economic Times
·
11m ago
Medial
Indian food delivery giant Swiggy is planning to go public with a target valuation of $15 billion as it aims to raise $1-1.2 billion. This IPO would be one of the largest in India this year. Swiggy, backed by SoftBank, competes with Zomato in the online food delivery sector and both companies are betting on the growing quick commerce trend. Swiggy plans to use the IPO funds to expand its Instamart business and increase competition with Zomato, which currently has a market valuation of around $28 billion. Quick deliveries are predicted to make up 70% of India's online grocery market by 2030.
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IPO-Bound Swiggy expands into Lakshadweep amid layoff plan
Inc42
·
1y ago
Medial
Food delivery platform Swiggy has expanded its services to Lakshadweep's Agatti island city, becoming the first online food delivery platform to enter the region. The move aims to support local restaurants, empower local culinary talents, and enhance the dining experience for visitors. Swiggy's expansion comes as the company plans to downsize its workforce by around 6%. Despite the layoffs, Swiggy continues to focus on growth and profitability, with plans to go public in mid-2024 through what is expected to be the largest IPO by an internet company, with an issue size of $1 billion.
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Swiggy's IPO valuation chases Zomato's revenue multiple
YourStory
·
11m ago
Medial
Indian food technology major Swiggy is aiming for a valuation of $15-17 billion, based on the revenue multiples of its competitor Zomato. Swiggy's annual report highlights its focus on increasing order values, advertising revenues, and cost reduction to enhance profitability before its upcoming public listing. Swiggy is planning to raise $1.3 billion through its IPO, with the draft red herring prospectus to be filed in September. The company aims to improve profitability by shifting to premium offerings, reducing last-mile expenses, and scaling up its food delivery business.
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Mobikwik restarts IPO process, to file DRHP next month
Inc42
·
1y ago
Medial
Indian fintech unicorn Mobikwik has selected DAM Capital Advisors and SBI Capital Markets as its banking partners for its planned initial public offering (IPO). The company aims to raise $84m from the IPO and is expected to file its draft red herring prospectus in December, with the listing set for next year. Mobikwik had previously halted its IPO plans in 2021 due to market volatility, but with stabilised market conditions and improved financial performance, the company is now moving forward with its IPO preparations.
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Swiggy investor 360 One pins $11.5 billion value on IPO-bound company
Economic Times
·
11m ago
Medial
Swiggy, the Indian food and grocery delivery firm, was valued at $11.5 billion in June by investor 360 One WAM, according to a presentation seen by ET. Swiggy recorded revenues of INR 7,474 crore ($995 million) in the first half of fiscal 2024, indicating an annualized revenue of INR 14,947 crore ($1.99 billion) for the year. Swiggy is currently in the process of filing for an IPO, with valuations likely to be influenced by market conditions and financial disclosures.
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Swiggy packs an IPO lunch for Instamart
Livemint
·
11m ago
Medial
Food delivery firm Swiggy plans to use most of the funds raised from its upcoming IPO to expand its quick commerce service, Instamart, according to an anonymous source. While existing investors Prosus Ventures, Norwest Venture Partners, and Goldman Sachs may sell some of their shares in the $1.25 billion IPO, SoftBank is expected to retain its stake. Swiggy aims to double its network of dark stores serving groceries and home essentials with the additional funds. The IPO is expected to open in November and Swiggy is targeting a valuation of around $15 billion.
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Swiggy re-evaluating investment in Rapido as it readies to enter food delivery segment
YourStory
·
8d ago
Medial
Swiggy is reassessing its investment in Rapido, a cab-hailing firm in which it holds a 12% minority stake, as Rapido plans to enter the food delivery sector. This move creates a potential conflict of interest for Swiggy, which is currently dominant in food delivery alongside Zomato. Rapido aims to offer lower commission rates, prompting Swiggy to strategize on maintaining its competitive edge. Swiggy is evaluating its investment strategy in light of these developments.
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