Softbank-backed Swiggy Set To File IPO This Week: Reports

Food-delivery platform Swiggy is considering filing publicly for its domestic initial public offering as soon as this week, as per media reports. Swiggy’s IPO may seek to raise more than USD 1 billion, according to media reports.

To move forward with the IPO filing, the Bengaluru-based company is awaiting approval from the Securities and Exchange Board of India, or Sebi. According to media reports, details about the offering, including its amount and timing, are still being discussed and could change.

Swiggy was founded in 2014 and works with more than 150,000 restaurants in India to help serve meals in the most populous country in the world. Its rivals include publicly traded Zomato Ltd., the India division of e-commerce giant Amazon.com Inc., and BigBasket, a division of conglomerate Tata Group.

Swiggy, backed by SoftBank Group Corp., would follow in the footsteps of other local and international companies seeking to tap the country’s economic growth and demand from global investors. About USD 7.8 billion has been raised through first-time share sales so far this year, already exceeding proceeds in each of the past two years, according to media reports.