Swiggy investor 360 One pins $11.5 billion value on IPO-bound company
Swiggy investor 360 One WAM, formerly IIFL Wealth Management, valued the IPO-bound food- and grocery-delivery firm at $11.5 billion as of June, according to an investor presentation seen by ET.
Swiggy recorded Rs 7,474 crore in revenue in the first half of fiscal 2024, 360 One said in the presentation made to its clients. This translates into Rs 14,947 crore on an annualised basis for the year through March.
Food delivery sees cyclical changes in orders. So the final figure may differ and will only be known when Swiggy — which has confidentially filed for an IPO — discloses its financial results for the year.
This is the latest valuation for Swiggy available from a private investor, even as the Bengaluru-based firm is in the middle of a $1.25 billion IPO process.
Listed rival Zomato hit a market capitalisation of $21.5 billion on June 25, its highest for the month. Since then, its market value has increased to $28 billion, aided by fast growth in its quick-commerce business, Blinkit. Swiggy’s Instamart competes with Blinkit and Zepto in quick commerce.
These valuations are periodic and different investors may assign different valuations. For instance, Baron Capital had valued Swiggy at $14.76 billion as of June compared with $15.1 billion three months prior. But they are still significant when the Prosus-backed firm is expected to secure Sebi approval in the coming weeks and make its IPO filings public sometime next month.
Swiggy had last raised funds at a valuation of $10.7 billion, in January 2022.
“Swiggy
