Swiggy Resumes IPO Plans, Targets Stock Market Listing in Q3 2024

Swiggy, a leading player in the food delivery industry and backed by Softbank, is rekindling its ambitions for an initial public offering (IPO). The company’s strategic move comes with a clear vision: to attain a stock market listing in the third quarter of 2024. Following a hiatus prompted by market volatilities, Swiggy is actively engaging with key investment banks to gauge its market value. Prominent financial institutions, including Morgan Stanley, JP Morgan, and Bank of America, have been approached to provide insights and guidance for this crucial endeavor.

Valuation and IPO Momentum

Having secured a valuation of $10.7 billion in its most recent funding round in 2022, Swiggy is leveraging this benchmark as it charts its IPO course. A trusted source intimately involved in the planning process revealed that while this valuation serves as a guiding point, the company has yet to finalize details regarding the extent of stake sale and ultimate valuation.

Rivalry and Market Conditions

Swiggy’s renewed push towards an IPO aligns with the broader resurgence in global and Indian markets. The company’s strategic recalibration mirrors the upward trajectory of investor sentiment, particularly witnessed through the soaring shares of its rival, Zomato, which have surged by 54.8% in the current year. This resurgence signifies a restored investor faith in India’s financial landscape and underscores the favorable environment for Swiggy’s market entry.

IPO Timing and Industry Milestones

Swiggy’s IPO timeline is strategically aligned with India’s national elections, slated for May. This temporal choice showcases the company’s calculated approach, aiming to leverage post-election stability for a successful market debut. Swiggy’s IPO journey arrives on the heels of other industry milestones, including Indian grocery startup Zepto’s recent achievement of crossing the billion-dollar valuation threshold—a significant testament to the growing vibrancy of India’s startup ecosystem.

Business Operations and Future Outlook

Despite its IPO ambitions, Swiggy has not lost sight of its core operations. In a noteworthy accomplishment, the company disclosed in May that its foundational food delivery business had transitioned into profitability, a commendable feat nine years into its operational journey. While Swiggy’s newer offering, Instamart—an innovative grocery delivery service—continues to operate at a loss, the company remains steadfast in optimizing its diverse business portfolio.


Swiggy’s strategic move to reignite its IPO journey underlines its resilience and forward-looking approach. With a keen eye on market dynamics, the company is harnessing its valuation history and industry trends to navigate the intricate landscape of an IPO. As Swiggy positions itself to capitalize on renewed investor confidence, its IPO journey is poised to become a pivotal chapter in India’s dynamic business narrative.

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