India-based food-delivery company Swiggy is preparing for an IPO, TechCrunch reported Wednesday.
The company, which was most recently valued at $10.7 billion, has hired bankers for the deal, including JP Morgan and ICICI Securities, per the report.
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Swiggy aims to compete with India-based Zomato, which went public in the summer of 2021 after raising more than $2.1 billion in funding. It’s unclear whether Swiggy is exploring an IPO based in India or on an international exchange like the New York Stock Exchange or Nasdaq.
Venture-backed companies in the food-delivery space raised more than $11 billion last year globally, up from around $8.5 billion in 2020, according to Crunchbase data. Companies such as DoorDash saw a boost in business during the pandemic, given that many people stayed at home and ordered food online while restaurants were closed.
Food-delivery companies have been popular investments over the years, but many based in the United States have faced some sort of consolidation. DoorDash and GrubHub are the major publicly traded companies with sub-brands including Caviar and Seamless. Uber acquired Postmates after the latter explored an IPO, and the ride-share company also operates the food-delivery service UberEats.
As for Swiggy, the company has raised nearly $5 billion in funding, most recently with a $700 million round in January. It’s backed by investors including SoftBank Vision Fund and Prosus Ventures.
Illustration: Li-Anne Dias
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