<p>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 <em>Nikkei</em> reported on Tuesday, citing people familiar with the matter.</p>.<p>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 <em>Reuters</em> request for comment.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/swiggy-set-to-acquire-dineout-for-around-rs-1511-crore-1081320.html" target="_blank">Swiggy set to acquire DineOut for around Rs 1,511 crore</a></strong></p>.<p>Swiggy doubled its valuation to Rs 80,143 crore ($10.7 billion) in its latest funding round, <em>Reuters</em> 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.</p>.<p>India has seen booming demand for the delivery of food and grocery, especially during the pandemic.</p>.<p>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. </p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>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 <em>Nikkei</em> reported on Tuesday, citing people familiar with the matter.</p>.<p>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 <em>Reuters</em> request for comment.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/swiggy-set-to-acquire-dineout-for-around-rs-1511-crore-1081320.html" target="_blank">Swiggy set to acquire DineOut for around Rs 1,511 crore</a></strong></p>.<p>Swiggy doubled its valuation to Rs 80,143 crore ($10.7 billion) in its latest funding round, <em>Reuters</em> 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.</p>.<p>India has seen booming demand for the delivery of food and grocery, especially during the pandemic.</p>.<p>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. </p>.<p><strong>Watch the latest DH Videos here:</strong></p>