Lazy feast

14 Mar 2022 By Una Galani Follow @ugalani

Food delivery group Swiggy’s ramp up of its rapid grocery service is locking in higher-spending users, giving the Prosus-backed firm an edge over Zomato. But the tech rout and ugly economics of speedy deliveries suggest a $10 bln valuation is better served up in private markets.

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Indian food delivery company Swiggy has started preparations to raise at least $800 million in an initial public offering early 2023, Japan’s Nikkei reported Feb. 22, citing unnamed people familiar with the matter.

Swiggy is 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 $10.7 billion, Reuters reported in January, citing sources, after raising $700 million in a funding round led by investment firm Invesco. An earlier round in July valued it at $5.5 billion, technology news site TechCrunch reported at the time.

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