Investing.com | Editor Pollock Mondal
Published November 21, 2023 at 3:12 p.m
India’s leading food delivery company Swiggy is gearing up for a significant milestone as it targets an initial public offering (IPO) in mid-2024 with an estimated issue size of $1 billion (INR 8,300 Cr). The move is expected to be the Internet company’s largest IPO next year. As Swiggy moves toward profitability, lead investor SoftBank (TYO:9984) is considering selling part or all of its 9% stake in the company, valued at over $800 million. This potential sale would represent one of SoftBank’s largest payouts from its publicly traded startup investments and reflect a strategic shift toward artificial intelligence-focused ventures.
SoftBank’s decision to divest comes after its initial investment of $450 million in Swiggy’s Series J funding round. Swiggy’s market valuation as it approaches public markets is expected to be influenced by its financial performance in FY24 and the stock performance of its rival Zomato, according to top investors tracking the sector. This development underscores the dynamism of India’s technology investment landscape and the growing maturity of its Internet companies.
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Written by: Investing.com