Homegrown food-delivery platform Swiggy has received approval from market regulator Securities and Exchange Board of India (SEBI) after its confidential filing of draft share sale documents, Moneycontrol reported on Tuesday, citing sources. According to the report, though no final call has been taken, Swiggy issue may launch in November. The Bengaluru-based Swiggy is likely to raise more than $1 billion from its IPO.
Founded in 2014, Swiggy partners with more than 150,000 restaurants across India to help deliver food in the world’s most populous nation, according to its website. Swiggy, which may seek a valuation of around $15 billion, had received shareholder approval in April to launch an IPO. Softbank-backed Swiggy reported 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. Swiggy's nearest peer Zomato is valued at around $27-28 billion at current valuations. However, Swiggy’s food delivery business is profitable but the grocery delivery Instamart business is still loss-making.