IPO · Commerce & Consumer Brands

Swiggy restarts IPO plans after earlier halt

By Startup Enthusiast · 25 August 2023

What they do

Swiggy is a major Indian food delivery company competing with Zomato

The startup has restarted its initial public offering plans for the July to September 2024 window

This follows a previous halt due to macroeconomic challenges and recent valuation cuts by investors

Swiggy is restarting its plans for an initial public offering (a process where a private company sells shares to the public) for the period between July and September 2024.
The company had previously halted these IPO plans earlier in the year due to difficult macroeconomic conditions affecting the market.
Swiggy approached major investment banks including Morgan Stanley, JP Morgan, and Bank of America for pitches in early September.
The specific details regarding the stake sale and the final valuation for this IPO have not yet been decided.
The company's last known valuation was $10.7 billion during a funding round in January 2022.
In May 2023, investor Invesco slashed Swiggy's valuation to $5.5 billion, which was half of its previous value.
Other startups like Byju's, Ola, Meesho, and Pharmeasy are also facing similar valuation cuts in the current market.
Swiggy reported that its food delivery business became profitable in the March quarter of FY23 after corporate costs.

Macroeconomic challenges forced the company to pause its IPO plans earlier this year.
Invesco slashed Swiggy's valuation to $5.5 billion in May 2023.
Other startups like Byju's, Ola, Meesho, and Pharmeasy are also facing valuation cuts.

Swiggy operates as a major food technology giant in India.
It competes directly with rival company Zomato in the food delivery sector.
The company achieved profitability in its core food delivery business in Q4 FY23.
This profitability was calculated after accounting for corporate costs but excluding employee stock options.
The firm raised $700 million in funding during its January 2022 round.
Multiple institutional investors participated in the last major funding round.
The company continues to navigate a market environment with reduced valuations for peers.

Invesco (existing) — Slashed valuation to $5.5 billion in May 2023.
Baron Capital Group (existing) — Investor in Jan 2022 funding round.
Sumeru Venture (existing) — Investor in Jan 2022 funding round.
IIFL AMC Late Stage Tech Fund (existing) — Investor in Jan 2022 funding round.
Kotak (existing) — Investor in Jan 2022 funding round.
Axis Growth Avenues AIF-I (existing) — Investor in Jan 2022 funding round.
Sixteenth Street Capital (existing) — Investor in Jan 2022 funding round.
Ghisallo (existing) — Investor in Jan 2022 funding round.
Smile Group (existing) — Investor in Jan 2022 funding round.
Segantii Capital (existing) — Investor in Jan 2022 funding round.