Play all audios:
In Brief Posted:
12:30 AM PDT · October 30, 2024Image Credits:Indranil Aditya / NurPhoto / Getty ImagesManish SinghSwiggy seeks $11.3B value at IPO, less than half Zomato’s worth Swiggy, one of India’s
largest food delivery and quick-commerce startups, is seeking a valuation of up to $11.3 billion in its initial public offering, marking a 57% discount to rival Zomato’s market cap.
The lossmaking Bengaluru-based company has set an IPO price band of ₹371 to ₹390 ($4.41 to $4.64) per share for next month’s IPO. At the upper end, the valuation would represent only a
modest premium to its $10.7 billion private market value from early 2022 — falling short of recent valuations by mutual fund investors Invesco and Baron.
Swiggy aims to raise $1.34 billion, with $535 million from fresh share issuance and the remainder through existing investor exits. Swiggy, which led India’s food delivery market four years
ago and pioneered quick commerce, has since lost significant market share in both segments. In quick commerce, it now ranks third behind Zomato’s Blinkit and Nexus-backed Zepto.
Zomato, which recently announced plans to raise up to $1 billion through a qualified institutional placement, currently commands a market cap of $26.2 billion.
Topics
In Brief, India, Startups, Swiggy, Swiggy Instamart, Zepto, zomatoJuly 15, 2025Boston, MA From seed to Series C and beyond—founders and VCs of all stages are heading to Boston. Be part of
the conversation. Save $200+ now and tap into powerful takeaways, peer insights, and game-changing connections.
Register NowNewslettersSee More Subscribe for the industry’s biggest tech news
TechCrunch Daily News Every weekday and Sunday, you can get the best of TechCrunch’s coverage.
TechCrunch AI TechCrunch's AI experts cover the latest news in the fast-moving field.
TechCrunch Space Every Monday, gets you up to speed on the latest advances in aerospace.
Startups Weekly Startups are the core of TechCrunch, so get our best coverage delivered weekly.
No newsletters selected.Subscribe By submitting your email, you agree to our Terms and Privacy Notice.
RelatedGadgetsTrump tells Apple’s CEO to stop expanding iPhone production in IndiaIvan MehtaMay 15, 2025TransportationBluSmart investors propose $30M in new funding to revive the Uber
rivalJagmeet SinghMay 7, 2025TransportationIndia’s Uber-rival BluSmart appears to suspend service in wake of EV loan probeJagmeet SinghApr 16, 2025Latest in StartupsSee MoreStartupsMeet the
Finalists: VivaTech’s 5 Most Visionary Startups of 2025Cindy Zackney6 hours agoIn BriefAI startups continue fueling San Francisco’s office recoveryConnie Loizos10 hours agoStartupsInside
Anthropic’s AI ambitions with Jared KaplanTheresa LoconsoloMaxwell Zeff11 hours ago