Indian food delivery company Swiggy, which is backed by SoftBank Group, has started preparations to raise at least Rs 5,992 crore ($800 million) in an IPO early next year, the Nikkei reported on Tuesday, citing people familiar with the matter.
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. The company did not immediately respond to a Reuters request for comment.
Swiggy doubled its valuation to Rs 80,143 crore ($10.7 billion) in its latest funding round, Reuters reported last month, citing sources. Rival Zomato Ltd, which saw a stellar market debut last year, has struggled to keep the momentum going. It reported tepid order value growth in the third quarter.
India has seen booming demand for the delivery of food and grocery, especially during the pandemic.
Swiggy's grocery delivery service Instamart is now competing with the likes of Blinkit and Zepto, which are luring customers with the promise of 10 minute-deliveries.
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