Swiggy's new feature to let NRIs order food, groceries, gifts in India

Don't want to miss the best from Business Standard?

Swiggy, which is preparing for an IPO, introduced its ‘International Login’ feature on Friday. The new function enables individuals abroad, including those in the US, Canada, Germany, and the UK, to place food orders for loved ones in India.

 

This permanent feature allows international users to not only order food but also access Instamart, Swiggy’s quick commerce platform, and make table reservations via Dineout, all through the Swiggy app, news agency PTI reported.

 

Users can complete payments through international credit cards or use available UPI options.

 

“With International Login (feature), those living abroad can now surprise their loved ones on special occasions. This feature, long requested by our international users, is launching just in time for the festive season,” said Phani Kishan, co-founder of Swiggy.

 

Swiggy recently filed updated IPO documents with Sebi, India’s capital markets regulator, in preparation for its public listing.

 

The IPO aims to raise Rs 3,750 crore through a new issue of equity shares, accompanied by an offer-for-sale (OFS) of 18.52 crore shares from existing shareholders, according to the updated draft red herring prospectus (UDRHP).

 

Market analysts estimate the IPO size could exceed Rs 10,000 crore.

 

Swiggy lowers valuation target  

 

Swiggy has internally revised its expected company valuation to a range of $12.5 billion to $13.5 billion for the IPO, reducing its target by approximately 10-16 per cent due to market fluctuations, PTI reported on Thursday.

 

Initially, Swiggy was aiming for a $15 billion valuation for its November IPO, which is set to be the country’s second-largest stock offering this year, following Hyundai India’s recent IPO.

 

Market turbulence and a correction in Indian stocks have prompted Swiggy to adjust its valuation to ensure ‘significant value remains for investors’, as per one of the sources.

 

India’s benchmark Nifty 50 index is poised to record four consecutive weeks of declines, having fallen by 7.15 per cent since reaching record highs on Sept. 27, influenced by persistent foreign selling.

 

Swiggy is reportedly expected to begin its listing on the Mumbai stock exchange on November 13, with the IPO opening for subscriptions a week earlier, though the timeline may see minor adjustments.

 

Swiggy competes with Zomato in India’s online food delivery market, with both companies heavily invested in the quick commerce trend, which focuses on delivering groceries and other essentials within minutes.

 

[With inputs from PTI]