Swiggy Set for Landmark IPO Amid Urban Demand Concerns

Swiggy, the popular Indian food delivery app, is preparing for a significant initial public offering (IPO) valued at Rs 11,330 crore. As urban demand concerns linger, the company assures investors of stable growth, leveraging a surge in quick commerce. Proceeds will enhance technology, pay debts, and fund acquisitions.

Swiggy, a leading food delivery app in India, is making waves as it launches an ambitious Rs 11,330-crore initial public offering (IPO). The app, which caters to over 650 cities and towns, is capitalizing on the increasing trend of online ordering among India's burgeoning middle class.

Despite concerns over a potential slump in urban demand, Swiggy's management remains optimistic and claims not to have observed any downturn effects in its business so far. Chief Financial Officer Rahul Bothra noted that the firm continues to thrive, unlike other companies expressing growth concerns.

Scheduled to open for subscription from November 6-8, Swiggy's IPO comes amid a series of public offerings, including that of Hyundai. The company plans to use the substantial proceeds to manage debt, advance technology, and expand its quick commerce division, which currently contributes 40% to its revenues.

(With inputs from agencies.)