Swiggy targets $15 billion valuation to raise $1-1.2 billion via upcoming IPO: Report

SoftBank-backed food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion. According to a report by the news agency Reuters, the deal would make it one of the biggest initial public offerings (IPO) in India this year.

Swiggy competes with Zomato in the online restaurant and cafe food delivery sector. Both have made major bets on the new so-called quick commerce boom, in which groceries and other products are delivered in 10 minutes.