Swiggy’s Valuation Dips To $14.7 Bn Ahead Of IPO, Sets Sight On $15 Bn Target

US-based asset management firm Baron Capital has marked Swiggy's valuation at USD 14.74 billion as of June 2024, according to regulatory filings with the US Securities and Exchange Commission (SEC), media reports reveal. This is a 2.6 per cent drop from its previous valuation of USD 15.1 billion in March, attributed to rupee depreciation.

As per Reuters, Swiggy is preparing for one of India's largest IPOs this year, targeting a valuation of around USD 15 billion. The food delivery giant, backed by SoftBank, aims to raise between USD 1 billion and USD 1.25 billion through the offering. Swiggy plans to use the IPO proceeds to scale its quick commerce business, Instamart, and add more warehouses to compete with rival Zomato, which has doubled its market value to USD 28 billion since its 2021 listing.

In another development, according to media reports, Swiggy was valued at USD 11.5 billion by investor 360 One WAM, formerly known as IIFL Wealth Management, as of June 2024.

Swiggy recorded Rs 5,476 crore in revenue from operations during the first three quarters of FY24, with reported losses of Rs 1,600 crore. The company currently operates around 550 grocery warehouses across 35 cities. While its core food delivery business has turned profitable, Instamart continues to post losses.

Swiggy's last funding round in 2022, led by Invesco, valued the company at USD 10.7 billion.