Zomato rival Swiggy plans to go public in July-Sep 2024: Report

Zomato rival Swiggy has reportedly restarted its planning to launch an initial public offering (IPO) in July-September 2024, according to a Reuters report.

The development comes after the food tech giant halted its plans to go public this year following macroeconomic challenges. The report said Swiggy is yet to decide on the potential stake sale and the valuation of the company.

The report further added that the food delivery firm has approached US-based Morgan Stanley, JP Morgan, and Bank of America to make pitches in early September to work on the IPO.

The food tech giant was last valued at $10.7 billion after it raised $700 million in funding in January 2022 from investors, including Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF-I, Sixteenth Street Capital, Ghisallo, Smile Group, and Segantii Capital.

In May 2023, Swiggy said that its food delivery business has turned profitable in the March quarter of FY23 (Q4 FY23) after considering corporate costs and excluding employee stock options (ESOP)

Earlier in May this year, Invesco, one of the top investors in Swiggy, slashed the company's valuation by half to $5.5 billion. Swiggy wasn't the only one who faced a valuation cut. Several elite startups, including Byju's, Ola, Meesho, and Pharmeasy, faced a significant valuation cut by their investors.

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