Indian food delivery giant Swiggy is gearing up for its initial public offering (IPO) with ambitions to raise a substantial $1.25 billion. The company has attained the crucial approval from its shareholders, as revealed in a filing submitted to the local regulatory authorities.
According to the disclosure made by the Bengaluru-based startup, it intends to gather $450 million by issuing new shares, while an additional $800 million worth of shares will be offered by existing investors as part of the IPO. This disclosure was made in a filing to the Ministry of Corporate Affairs.
The forthcoming public debut of Swiggy, eagerly awaited within the Indian startup ecosystem, is scheduled for later this year. Notable backers of Swiggy include Prosus, Accel, SoftBank, and Invesco, underscoring the significant interest and support the company has garnered within the investment community.
