Online food delivery platform Swiggy’s Co-Founder and CEO Sriharsha Majety has said that all preparations are underway for its mega Initial Public Offering (IPO), through which it is likely to raise $1 billion later this year.
“We’ve been preparing for our IPO. We’ve added independent directors to the board and there are all kinds of preparations that are on,” Majety said.
For its IPO process, the company is likely to have enlisted seven investment banks, including Kotak Mahindra Capital, Citi, JPMorgan, BofA Securities, Jefferies, and others.
Continue Exploring: Swiggy lays groundwork for mega IPO launch; taps top banks for key advisory roles
Swiggy is getting ready to go public after its competitor Zomato went public in 2021.
According to Majety, Zomato’s listing helped Swiggy gain a better understanding of retail investors and how they perceive the food delivery market.
“There is no denying that it (Zomato being listed) makes life easier for us. There’s much to learn in terms of how one manages communication as a public company, how one manages guidance as a public company, what gets more scrutiny and what doesn’t,” Majety said.
Meanwhile, according to a financial filing from Swiggy’s investor Prosus, the core food-delivery business of Swiggy experienced a 17% growth, achieving a gross merchandise value (GMV) of $1.43 billion in the first half of FY24.
Continue Exploring: Swiggy’s food delivery sales soar 17%, hits $1.43 Billion GMV in first half of FY24: Prosus
“This was led by a rise in transacting users that drove double-digit order growth and inflation in AOV,” Prosus said.