Swiggy investor Baron Capital has valued Swiggy at $14.76 billion as of June compared with $15.1 billion three months prior. This is the latest valuation for Swiggy available from a private investor, even as the Bengaluru-based firm is in the middle of a $1.25 billion IPO process.
The food and delivery major Swiggy last raised funds at a valuation of $10.7 billion, in January 2022.
The valuation comes at a time when in April Swiggy filed for an IPO through a confidential pre-filing with the Securities and Exchange Board of India (SEBI). The company has received shareholder approval for an IPO valued at INR 10,414.1 Cr ($1.2 Bn).
The offering will consist of a fresh issue of shares worth INR 3,750.1 Cr (approximately $449 Mn) and an offer-for-sale component of INR 6,664 Cr (around $799 Mn), according to regulatory filings. Swiggy is anticipated to receive SEBI approval soon and file its IPO next month.
For Swiggy, quick commerce is a major area of focus were it also competes with Zepto and its listed rival Zomato. Compared to food delivery, quick commerce is growing much faster as companies look to add more categories in terms of the range of goods being sold.
Recently, Swiggy, announced that Himavant Srikrishna Kurnala has been appointed Senior Vice President (SVP) and Head of Product at Swiggy Instamart. Mayank Rajvaidya joined as the Vice President (VP) of Fruits & Vegetables, Swiggy Instamart.
The IPO-bound start-up recently saw the exit of a few key leaders, including Karan Arora, Swiggy Instamart’s vice president and head of supply chain management (SCM). Other VPs and SVPs who departed from the company over the past year include Karthik Gurumurthy, SVP and head of Swiggy Instamart; Dale Vaz - CTO; Anuj Rathi, SVP - central revenue and growth; Ashish Lingamneni, VP - marketing; and Dineout co-founder Vivek Kapoor.