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Swiggy, a leading food delivery and quick commerce platform in India, has recently relaunched its premium grocery delivery service, Handpicked, as a new category under its quick commerce vertical, Swiggy Instamart. This move comes as the company prepares for its anticipated initial public offering (IPO), with reports suggesting Swiggy plans to raise $1.25 billion through the listing.
The relaunch of Handpicked demonstrates Swiggy's focus on diversifying its offerings and strengthening its position in the competitive quick commerce market. The service, now available in Bengaluru with plans to expand to Delhi and Mumbai, offers a curated selection of local, regional, and new-age brands, as well as gourmet products delivered within 10 minutes.
Swiggy's IPO plans have garnered significant attention in the Indian startup ecosystem. The company has reportedly made a confidential filing of its prospectus with the Securities and Exchange Board of India (SEBI), signaling its readiness to enter the public markets. Founded in 2014, Swiggy has raised over $3.6 billion from notable investors such as SoftBank, DST Global, and Prosus.
Recent valuation changes by investors like Invesco and Baron Capital have placed Swiggy's value between $12.7 billion and $15.1 billion, indicating strong market interest. However, the company faces stiff competition from rivals like Zomato in the food delivery space and various players in the quick commerce sector.
As Swiggy moves closer to its potential IPO, investors and industry observers will be closely watching its financial performance, market share, and ability to maintain growth in the evolving food delivery and quick commerce landscapes. The success of initiatives like Handpicked and the company's overall strategy will likely play crucial roles in determining the timing and reception of Swiggy's public market debut.
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While Swiggy's IPO prospects remain uncertain, investors eager to gain exposure to the rapidly growing food delivery sector don't have to wait. At Linqto, we offer members access to interests in pre-IPO private companies, including potential leaders in the food tech industry. Our platform allows you to diversify your portfolio with lower minimum investments in emerging market disruptors like Swiggy, potentially benefiting from their growth before they go public.
1 - BusinessLine - Invesco reduces fair value of Pine Labs and Swiggy in shareholder report, impacting IPO-bound Swiggy's valuation.
3 - BusinessLine - It was piloted in a few zones in Bengaluru but by May 2023 the company decided to shut down the division.
*These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. The information provided above is based on current online discussions and is not intended as investment advice. Linqto does not endorse or guarantee the accuracy of this information, and we strongly recommend conducting your own research or consulting with a professional advisor before making any investment decisions. Linqto cannot be held liable for any investment outcomes resulting from the use of this information.
