Swiggy will sell more than 75 people as part of its $1.35 billion initial public offering, as Indian food delivery and quick commerce startups prepare for the country's second-largest public offering of the year next week. It has raised approximately $606 million from major investors.
The Bangalore-based startup is seeking a $11.3 billion valuation in its IPO and received bids worth $15 billion for the $600 million portion. Indian institutional investors received about 56% of the total anchor allocation, sources said. Eight of the top 10 mutual funds in India have invested in anchor rounds.
Major investors include BlackRock, Fidelity, Norges Bank, BNP Paribas, HSBC, Nomura, Jane Street, Citadel, Motilal Oswal, Kotak, and 360One, as well as Indian lenders SBI, ICCI, Kotak, and HDFC. This includes the investment trusts and insurance divisions it operates. The officials spoke on condition of anonymity.
In an exchange filing following the publication of this article, Swiggy confirmed the funding.
Swiggy counts Prosus, SoftBank, Accel and Coatue as backers and competes with companies like Zomato and Nexus-backed Zepto.