The acquisition marks another step in Dixit and Nene’s growing involvement in India’s startup ecosystem. Although Swiggy declined to comment on the developments, this secondary market deal adds to the buzz surrounding Swiggy’s upcoming IPO. The company, which is expected to raise $1 billion through the offering, has already filed for approval from the Securities and Exchange Board of India (SEBI). This public listing follows Swiggy’s strong performance in FY24, where it saw a 36% increase in revenue, reaching Rs 11,247 crore, while its losses narrowed by 43% to Rs 2,350 crore.
Swiggy has steadily expanded its presence across various verticals, including food delivery, dining, and its rapid-commerce platform Instamart. In FY24, the platform reported a gross order value (GOV) of Rs 35,000 crore, driven by its 14.3 million monthly transacting users. This marks a crucial moment in Swiggy’s journey as it eyes further growth while competing with key rival Zomato in India’s food delivery space.
Recently, Swiggy has drawn attention from several high-profile investors. Amitabh Bachchan had previously invested in the company, further signaling growing interest in India’s food delivery market. With Swiggy and Zomato controlling 90-95% of the market share, the competition remains fierce, especially as both companies dive into quick-commerce services.
As Swiggy gears up for its IPO, the company is poised to raise its profile, building on its strong performance and investor confidence. The IPO will undoubtedly be closely watched as the Bengaluru-based startup continues to cement its dominance in a highly competitive sector.
