Indian food delivery service Swiggy secured ₹5,085 crore — equal to more than $600 million — ahead of its November 6 IPO, or initial public offering, according to reporting by Entrackr.
The funding came from anchor investors and was confirmed in a November 5 stock exchange filing that said shares were allotted to investors at a price of ₹390 each. TechCrunch reported more than 75 investors participated in the anchor round, including eight of India’s top 10 mutual funds.
Swiggy was founded in 2014 and has grown into a major player in quick commerce and foodtech. The Bengaluru-based company handles last-mile delivery for meals and groceries, and it touts a service footprint that encompasses over 680 cities across India. It’s also launched services like Swiggy Genie, which provides pickups and dropoffs to help customers with errands, and Swiggy Dineout for accessing discount offers.
Swiggy plans to raise ₹11,327 crore, or $1.35 billion, with its IPO and is eyeing a total valuation of $11.3 billion, Entrackr reported. The IPO, which is the second largest for India this year, will be open through November 8. The price range is set at ₹371 to ₹390 per share.
