India's food services market is smaller than the U.S. and China's, but it's growing fast. In 2023, it was worth about $70 billion, and online food delivery is expected to grow from $8 billion to $17-21 billion by 2028. While the U.S. and China have established markets, India's sector is expanding quickly, especially the organised part.
Swiggy's upcoming IPO is valued at ₹11,327 crore and will open on November 6, 2024. The company wants to take advantage of India's growing digital economy, even though it's currently operating at a loss. Investors are curious if Swiggy can beat its rival Zomato, which has recently gained ground in quick commerce.
Swiggy's shooting for a whopping valuation of $11.7 to $12.7 billion as it gears up for a massive $1.4 billion IPO in early November. Investment banks are already in, and bids from anchor investors are starting to roll in.