<p>New Delhi: SoftBank-backed Indian food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion, three people familiar with the matter said.</p>.<p>The deal would make it one of biggest Indian initial public offerings this year.</p>.<p>Swiggy competes with Zomato in India's online restaurant and cafe food deliveries sector, and both have made major bets on the new so-called quick commerce boom where groceries and other products are being delivered in 10 minutes.</p>.Amazon in talks to buy IPO-bound Swiggy's Instamart: Report.<p>Swiggy received a shareholder approval in April for an IPO that would raise up to $1.25 billion and its confidential filing is expected to be cleared by the Indian markets regulator within a month or so. Following the approval it will file a public prospectus, according to the people, who declined to be named as the matter is private.</p>.<p>The company is targeting a valuation of around $15 billion though the final figure can change, they said.</p>.<p>Swiggy said in response to a <em>Reuters</em> query that it could not comment on "any market speculation".</p>.<p>Its last funding round, led by Invesco in 2022, valued it at $10.7 billion.</p>.<p>One of the sources said Swiggy aimed to use IPO proceeds to expand its quick commerce Instamart business and open more warehouses to better compete with Zomato.</p>.<p>Zomato's shares have more than doubled since listing in 2021 and it has a market valuation of around $28 billion.</p>.<p>Goldman Sachs said in April quick deliveries accounted for $5 billion, or 45%, of India's $11 billion online grocery market and forecast the segment to reach a 70% share of that market by 2030.</p>.<p>Reuters in June reported that Swiggy was increasingly focusing on its Instamart business.</p>.<p>Swiggy's food delivery business is profitable but grocery delivery Instamart business is still loss making, sources say. The company has around 550 grocery warehouses in 35 Indian cities.</p>
<p>New Delhi: SoftBank-backed Indian food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion, three people familiar with the matter said.</p>.<p>The deal would make it one of biggest Indian initial public offerings this year.</p>.<p>Swiggy competes with Zomato in India's online restaurant and cafe food deliveries sector, and both have made major bets on the new so-called quick commerce boom where groceries and other products are being delivered in 10 minutes.</p>.Amazon in talks to buy IPO-bound Swiggy's Instamart: Report.<p>Swiggy received a shareholder approval in April for an IPO that would raise up to $1.25 billion and its confidential filing is expected to be cleared by the Indian markets regulator within a month or so. Following the approval it will file a public prospectus, according to the people, who declined to be named as the matter is private.</p>.<p>The company is targeting a valuation of around $15 billion though the final figure can change, they said.</p>.<p>Swiggy said in response to a <em>Reuters</em> query that it could not comment on "any market speculation".</p>.<p>Its last funding round, led by Invesco in 2022, valued it at $10.7 billion.</p>.<p>One of the sources said Swiggy aimed to use IPO proceeds to expand its quick commerce Instamart business and open more warehouses to better compete with Zomato.</p>.<p>Zomato's shares have more than doubled since listing in 2021 and it has a market valuation of around $28 billion.</p>.<p>Goldman Sachs said in April quick deliveries accounted for $5 billion, or 45%, of India's $11 billion online grocery market and forecast the segment to reach a 70% share of that market by 2030.</p>.<p>Reuters in June reported that Swiggy was increasingly focusing on its Instamart business.</p>.<p>Swiggy's food delivery business is profitable but grocery delivery Instamart business is still loss making, sources say. The company has around 550 grocery warehouses in 35 Indian cities.</p>