Swiggy, the Softbank-backed Indian food delivery company, is reportedly eyeing a stock market listing in 2024 after pausing its IPO plans due to weak markets. The firm, which delivers food from restaurants as well as groceries, was valued at $10.7 billion in its last funding round in 2022. However, like many other startups in India, Swiggy put its IPO plans on hold amid a funding crunch and investor concerns about stretched valuations. Since then, as global and Indian markets have rebounded, Swiggy has restarted its IPO planning process by initiating talks with bankers to assess its valuation.

Swiggy has invited eight investment banks, including Morgan Stanley, JP Morgan, and Bank of America, to make pitches in early September to work on the IPO. It is using the last funding round valuation of $10.7 billion as a benchmark for its IPO planning. A source involved in the planning process stated that Swiggy has yet to decide on a potential stake sale or final valuation.

In May 2022, Invesco, a minor shareholder in Swiggy, valued the company at around $5.5 billion. Swiggy had initially considered raising $800 million to $1 billion via the IPO. However, the firm aims to list between July and September 2024, after the national elections in India due to take place by May.

Swiggy’s competitor, Zomato, has witnessed a significant increase in its share price this year, indicating a return of investor confidence in India’s financial markets. Another Indian startup, Zepto, recently raised $200 million in fresh funding at a valuation of $1.4 billion, becoming the first Indian startup to cross the billion-dollar valuation mark in almost a year. Swiggy announced in May that its core food delivery business had turned profitable, nine years after starting its operations, while its grocery delivery service, Instamart, continues to make losses.