Softbank-backed meals supply agency Swiggy stated on Thursday it goals to boost Rs 3,750 core ($448.56 million) in its preliminary public providing, which seems set to be amongst India’s largest listings this yr.
Present shareholders together with Accel India and Tencent Europe will promote about 185.3 million shares, the Bengaluru-based startup stated in its draft prospectus.
Swiggy’s long-awaited public itemizing comes amid a booming IPO market, with 198 firms having raised $7.1 billion within the yr to Sept.4, greater than double the quantity for a similar interval final yr.
The corporate, backed by funding group Prosus and Japan’s SoftBank, competes with Zomato in India’s on-line restaurant and cafe meals deliveries sector.
Each firms have made main bets on the brand new so-called fast commerce increase the place groceries and different merchandise are being delivered in 10 minutes.
First Printed: Sep 26 2024 | 9:31 PM IST