Food delivery giant Swiggy targets $15 billion valuation in India IPO

SoftBank-backed Indian food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion, three people familiar with the matter said.

The deal would make it one of biggest Indian initial public offerings this year.

Swiggy competes with Zomato in India’s online restaurant and cafe food deliveries sector, and both have made major bets on the new so-called quick commerce boom where groceries and other products are being delivered in 10 minutes.