India's Swiggy eyes $800m IPO amid Zomato rivalry in tough market

Delivery company needs to show profit path, expanding base to woo investors

Swiggy has begun preparations to raise at least $800 million in an initial public offer early next year, Nikkei has learned. (Source photos by Getty Images)

SAYAN CHAKRABORTY, Nikkei staff writer

February 22, 2022 16:04 JST

BENGALURU -- Indian food delivery company Swiggy has begun preparations to raise at least $800 million in an initial public offer early next year, three people familiar with the situation told Nikkei Asia.

Swiggy is hoping to raise the funds to expand market share amid stiff competition with Zomato in food delivery, while its newly launched quick commerce business is being challenged by Reliance Industries-backed Dunzo, Tata Group's BigBasket, Zomato-backed Blinkit and Y Cominator-funded Zepto.