Swiggy plans to get IPO ready by September
Swiggy—the only foodtech decacorn—has chalked out plans to get the company ready for a public listing later this year, according to two people aware of the details of internal discussions. This comes at a time when several tech companies in India have delayed their IPOs, after releasing a DRHP.
“Swiggy has put a plan in place to be ready for IPO by September this year,” said one of the sources, requesting anonymity. “But it would take another 6-8 months to file pre IPO documents with regulators in India.” According to sources, Swiggy has a definitive direction by the board to list on the Indian stock exchange after the third quarter of 2024.
This move also means Swiggy will join its competitor Zomato in the public markets.
As part of listing plans, Swiggy has brought down its monthly burn in their food delivery business under $5 million, as per sources. “The company has set a target to break-even in the food delivery segment by April-May this year,” said the second source who also requested anonymity as talks are private.
https://entrackr.com/2023/02/exclusive-swiggy-plans-to-get-ipo-ready-by-september/
