US-based asset management company Baron Capital has valued Swiggy at $14.74 billion as of June, according to regulatory filings with the US Securities and Exchange Commission (SEC). This is 2.6% lower from its last valuation of $15.1 billion in March. The valuation dip in June appears to be a result of rupee depreciation.
This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The company has received shareholders’ nod to float its $1.25 billion IPO and it has reportedly filed its papers with Sebi via a confidential route in May.
According to a Reuters report on Friday, Swiggy is targeting a valuation of around $15 billion for its IPO. Swiggy aims to use IPO proceeds to expand its quick commerce Instamart business and open more warehouses to better compete with Zomato.
Swiggy recorded Rs 5,476 crore in revenue from operations during the first three quarters of FY24, according to an Entracker report. Its losses during the period stood at Rs 1,600 crore.
Ahead of the IPO, Swiggy also rolled out its fifth Esop liquidity programme worth $65 million in July. According to Entracker, it claims to have enabled over Rs 1,000 crore of Esops liquidity over the five events which benefited 3,200 employees.
Swiggy’s rival Zomato is currently valued at $28.3 billion, as per stock exchange data. Zomato posted Rs 4,206 crore in revenue with Rs 253 crore in profits in the first quarter of FY24.
According to the UBS report, Zomato’s order growth increased by 1.6% month-on-month in July while Swiggy’s order growth decreased by 4.6%. On a year-on-year basis, Zomato registered 29% growth as compared to 11% growth by Swiggy.
According to Tracxn data, Swiggy has raised a total of $3.62 billion in funding to date. The company, founded in 2014, has approximately 303 million mobile app downloads, over 300,000 active restaurants, and a revenue of $1.1 billion as of FY23.