SoftBank-backed Swiggy eyes $800-mn IPO early next year: Report

Swiggy has begun adding independent directors to the board, and plans to position itself as a logistics company and not just a food delivery firm, according to the report

Food delivery giant Swiggy is eyeing $800 million in initial public offerings (IPO) next year and has started preparations for the same, a report by Nikkei Asia said.

This comes after its rival Zomato, which witnessed a stellar debut in markets last year, has seen its shares decline below its issue price. Zomato commands a market capitalisation of about $9 billion (Rs 67,600 crore). Zomato was valued at $5.4 billion before its IPO. It reported tepid order value growth in the third quarter. SoftBank Group-backed Swiggy has started adding independent directors to the board as the food delivery company also