Once-dominant Swiggy seeks $11.3B value at IPO, less than half Zomato’s worth

Swiggy’s upcoming IPO on Wednesday will finally give many analysts a public comparable for what has been long considered to be the Indian internet stock: Zomato. It will also test the nation’s appetite for IPOs that can scale past the $1 billion mark. For its IPO, Swiggy has already secured $1.4 billion from institutional investors including Norway’s sovereign wealth fund, BlackRock and eight of the top 10 Indian mutual funds. Still, it will enter a public market where large tech companies’ st

Nov 11, 2024

Shares of Swiggy surged 7% to ₹440 on Wednesday as the food-delivery and quick-commerce startup concluded India’s second-largest IPO this year. The closely watched listing makes the company a direct comparable for what analysts have long considered the benchmark Indian internet stock: Zomato. The listing of the 10-year-old Bengaluru-headquartered firm marks a milestone for India’s startup ecosystem, where several firms are eyeing similarly large public offerings in the next 24 months. It’s also

Nov 12, 2024

U.S. asset manager Invesco has raised the value of its stake in Swiggy, ascribing an implied valuation of about $13.3 billion to the Indian food-delivery and quick-commerce startup that is on track to go public in about a month. In a disclosure on Tuesday, Invesco’s Developing Markets Fund said it valued the 28,844 shares it owns in Swiggy at $237.24 million as of the end of July 2024. The asset manager bought the shares in Swiggy for $190.47 million. Invesco invested in Swiggy in early 2022, l

Oct 1, 2024

Goldman Sachs said in a report late Thursday that Indian food delivery giantnZomato’s quick commerce arm Blinkit is now more valuable than its core foodndelivery business, as per the bank’s sum-of-the-parts analysis. The investmentnbank estimates Blinkit’s implied value at 119 Indian rupees per share ($1.43) ornabout $13 billion, while Zomato’s food […]

Apr 25, 2024

Swiggy’s upcoming IPO on Wednesday will finally give many analysts a public comparable for what has been long considered to be the Indian internet stock: Zomato. It will also test the nation’s appetite for IPOs that can scale past the $1 billion mark. For its IPO, Swiggy has already secured $1.4 billion from institutional investors including Norway’s sovereign wealth fund, BlackRock and eight of the top 10 Indian mutual funds. Still, it will enter a public market where large tech companies’ st

Nov 11, 2024

Shares of Swiggy surged 7% to ₹440 on Wednesday as the food-delivery and quick-commerce startup concluded India’s second-largest IPO this year. The closely watched listing makes the company a direct comparable for what analysts have long considered the benchmark Indian internet stock: Zomato. The listing of the 10-year-old Bengaluru-headquartered firm marks a milestone for India’s startup ecosystem, where several firms are eyeing similarly large public offerings in the next 24 months. It’s also

Nov 12, 2024

U.S. asset manager Invesco has raised the value of its stake in Swiggy, ascribing an implied valuation of about $13.3 billion to the Indian food-delivery and quick-commerce startup that is on track to go public in about a month. In a disclosure on Tuesday, Invesco’s Developing Markets Fund said it valued the 28,844 shares it owns in Swiggy at $237.24 million as of the end of July 2024. The asset manager bought the shares in Swiggy for $190.47 million. Invesco invested in Swiggy in early 2022, l

Oct 1, 2024

Goldman Sachs said in a report late Thursday that Indian food delivery giantnZomato’s quick commerce arm Blinkit is now more valuable than its core foodndelivery business, as per the bank’s sum-of-the-parts analysis. The investmentnbank estimates Blinkit’s implied value at 119 Indian rupees per share ($1.43) ornabout $13 billion, while Zomato’s food […]

Apr 25, 2024