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Swiggy investor keeps valuation unchanged ahead of IPO as Zomato retains rich tag

VCCircle

VCCircle · 1y ago

Swiggy investor keeps valuation unchanged ahead of IPO as Zomato retains rich tag

Food delivery company Swiggy is planning to go public and has seen one of its investors keep its valuation unchanged. This comes as rival Zomato achieved a market capitalisation of over Rs 2 trillion before falling on Tuesday. Swiggy aims to tap into the growing demand for food delivery services in India and is set to file for its initial public offering soon. The company was recently valued at $5.5 billion after raising $800 million in funding.

Related News

After Zomato, Swiggy Hikes Platform Fee To INR 10 Per Order

Inc42 · 10m ago

After Zomato, Swiggy Hikes Platform Fee To INR 10 Per Order

Swiggy has increased its platform fee on its food delivery service from INR 7 to INR 10 per order, following a similar move by Zomato. This comes as Swiggy looks to optimize its revenue ahead of its planned initial public offering (IPO).

‘Kicked me out,’ Zomato CEO Deepinder Goyal says as Swiggy is set to sponsor Shark Tank India Season 4 | Mint

Livemint

Livemint · 11m ago

‘Kicked me out,’ Zomato CEO Deepinder Goyal says as Swiggy is set to sponsor Shark Tank India Season 4 | Mint

- Swiggy is set to sponsor the fourth season of Shark Tank India, cementing its position in the food delivery market. - Swiggy has reportedly demanded that Zomato CEO Deepinder Goyal not participate in the show as an investor, indicating intense competition between the two platforms. - The proposed IPO of Swiggy is expected to raise around ₹5,000 crore, including a fresh issue of equity shares and an offer-for-sale by existing shareholders. - Zomato, which went public three years ago, currently has a market capitalization of $25 billion, more than twice the estimated valuation of Swiggy at $10 billion. - Swiggy's IPO plan comes after the success of Zomato's stock, which witnessed a significant rise this year, indicating a favorable market for food delivery platforms.

Swiggy targets $15 billion valuation in IPO

Economic Times

Economic Times · 1y ago

Swiggy targets $15 billion valuation in IPO

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.

Swiggy shares rise 7% after Morgan Stanley's 'overweight' call

Inshorts · 3m ago

Swiggy shares rise 7% after Morgan Stanley's 'overweight' call

Swiggy’s share value rose 7% after Morgan Stanley rated it ‘Overweight’, citing strong market position, growth in smaller cities, and innovations like Instamart and Swiggy One. The bullish outlook boosts confidence ahead of its expected 2025 IPO. Backed by a $10 billion valuation, Swiggy's momentum reflects rising investor optimism in India's consumer tech and quick commerce sectors.

Flipkart explored a deal with Swiggy for a pie of quick commerce

Economic Times

Economic Times · 1y ago

Flipkart explored a deal with Swiggy for a pie of quick commerce

Flipkart, one of India's largest consumer internet firms, considered buying a stake in Swiggy, a food delivery company, but talks fell through due to discrepancies in valuation. Swiggy later filed for a confidential IPO and attracted the attention of Prosus, its largest investor, who was interested in divesting some of its stake. Flipkart's potential alliance with Swiggy highlights the changing consumer preferences in India's growing ecommerce market. Swiggy, valued at $10.7 billion, faces competition from Zomato, which has a market capitalization of over $20 billion.

Invesco marks Swiggy valuation at $12.7 billion, up 18% from last fundraise

Economic Times

Economic Times · 1y ago

Invesco marks Swiggy valuation at $12.7 billion, up 18% from last fundraise

Invesco, a US-based investor, has increased the valuation of Indian food and grocery delivery company Swiggy to $12.7 billion, marking an 18% increase from its previous valuation. This comes as other Indian internet companies have seen the fair values of their stakes being marked down by investors. Swiggy is expected to file for its $1 billion IPO soon. Swiggy's rival, Zomato, has seen a surge in its market capitalization, driven by the growth of its quick commerce business. Swiggy's operating revenue for FY2023 increased by 45% to Rs 8,265 crore, while its net loss widened by 15%.

Swiggy To Command Lower Valuation Than Zomato In Public Market: Elara Capital

Inc42 · 12m ago

Swiggy To Command Lower Valuation Than Zomato In Public Market: Elara Capital

Swiggy, the upcoming IPO-bound food delivery platform, will face challenges to match Zomato's valuation unless it gains market share and achieves profitability, according to Elara Capital. Swiggy will need to reach Zomato's EBITDA margin in food delivery and break-even in quick commerce, which may be a long-term goal. Zomato was valued at $12 billion during its IPO, while Swiggy aims for a $15 billion valuation, marking a 40% premium to its previous valuation of $10.7 billion.

Baron Capital values Swiggy at $14.7 Bn

Entrackr

Entrackr · 1y ago

Baron Capital values Swiggy at $14.7 Bn

US Investor Baron Capital has valued food-tech company Swiggy at $14.74 billion as of June 2024, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is nearly 2.6% down from its last $15.1 billion valuation estimates by Baron Capital in March. The valuation dip in June appears to be a result of rupee depreciation. This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via a confidential route in May. The food tech company will raise up to Rs 3,750 crore ($450 million) via fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million) in its initial public offering. Swiggy recorded Rs 5,476 crore in revenue from operations and a Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and a secondary pitch by the company in April. Ahead of the IPO, Swiggy also rolled out its fifth ESOP liquidity programme worth $65 million in July. It claims to have enabled over Rs 1,000 Cr of ESOPs liquidity over the five events which benefited 3,200 employees. Swiggy’s rival Zomato is currently valued at $28.3 billion, as per stock exchange data. The Deepinder Goyal-led firm posted Rs 4,206 crore in revenue with Rs 253 crore in profits in the first quarter of FY24. According to the UBS report, Zomato’s order growth increased by 1.6% MoM in July while Swiggy’s order growth decreased by 4.6%. On a year-on-year basis, Zomato registered 29% growth as compared to 11% growth by Swiggy.

What's in a new name? A strategic shift or a cosmetic makeover?

Livemint

Livemint · 7m ago

What's in a new name? A strategic shift or a cosmetic makeover?

Zomato, a food and grocery delivery platform, is rebranding its parent company to 'Eternal', indicating a strategic evolution. While existing brands like Zomato and Blinkit remain unchanged under the new corporate umbrella, this shift resembles Alphabet’s model for Google. Identity transformations are common for strategic reasons, enhancing brand perception post-IPO or gaining media attention. Historically, these rebrandings often correlate with positive stock performance if they present investor value through initiatives like mergers.

Zepto eyes $250 mn from HNIs, wealth firms at flat valuation

Livemint

Livemint · 10m ago

Zepto eyes $250 mn from HNIs, wealth firms at flat valuation

Quick commerce startup Zepto is reportedly seeking to raise about $250 million from high-net-worth individuals and wealth management firms at a valuation of $5 billion. The Mumbai-based company, which plans to go public next year, aims to balance its captable ahead of its IPO. Zepto recently raised $340 million in a funding round led by General Catalyst, and in a pre-IPO round, it secured $665 million. The company is expanding its network of dark stores and its Zepto Café service to compete with food delivery platforms like Swiggy and Zomato in the quick-commerce sector.

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