Swiggy, the IPO-bound food and grocery delivery firm is valued at $11.5 billion as of June by its investors 360 one WAM, formerly known as IIFL Wealth Management. This is as per the investor's presentation shown to Economic Times.
The presentation reportedly said Swiggy achieved Rs 7,474 crore in revenue in the first half of fiscal 2024, which equates to Rs 14,947 crore on an annualised basis for the year through March.
It is important to note that the food delivery sector sees cyclical changes in orders and the original figures can be only known when Swiggy discloses its financial results for the year.
Advertisement
Prior to this, Baron Capital valued Swiggy at $14.76 billion as of June compared to its valuation of $15.1 billion three months prior.
The food and grocery delivery firm has secretively filed an IPO for $1.25 billion. It is reported that the company is expected to secure SEBI’s approval in the coming weeks and make its IPO filings public sometime next month. The company's valuation could be $13-15 billion nearing IPO but it is subjected to dynamic ranges and may change close to the date of the announcement.
Swiggy raised funds at a valuation of $10.7 billion in January 2022.
Advertisement
For Swiggy, Zomato is a major rival.
Zomato achieved a market capitalisation of $21.5 billion on June 25. It has further increased to $28 billion, propleed by the robust growth of its quick commerce platform, Blinkit. Swiggy’s Instamart competes with Blinkit and Zepto in quick commerce.
As per the presentation, Swiggy’s food delivery revenue grew 23% year-on-year, with a 111-basis-point (1.11-percentage-point) expansion in take rate. It achieved 32% YoY growth in average order value (Rs438 in H1 FY24).
Instamart, on the other hand, saw revenue growth of 82% YoY, a 397-bps expansion in take rate, and 20% growth in AOV at Rs 462 in H1 FY24.
