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In Brief
Posted:
9:00 AM PST · November 5, 2024
Image Credits:Niharika Kulkarni / NurPhoto / Getty Images
Swiggy has raised around $606 million from anchor investors as part of its $1.35 billion initial public offering, as the Indian food delivery and quick commerce startup prepares for the country’s second-largest listing of the year next week.
The Bengaluru-based startup, which is seeking an $11.3 billion valuation in the IPO, received bids worth $15 billion for the $600 million portion. Indian institutional investors received about 56% of the overall anchor allocation, sources familiar with the matter said. Eight of the top 10 Indian mutual funds have invested in the anchor round.
The anchor investors include BlackRock, Fidelity, Norges Bank, BNP Paribas, HSBC, Nomura, Jane Street, Citadel, Motilal Oswal, Kotak, 360One, as well as mutual funds and insurance units operated by Indian lenders SBI, ICICI, Kotak and HDFC, the sources said, requesting anonymity.
Swiggy didn’t immediately respond to a request for comment.
Swiggy, which counts Prosus, SoftBank, Accel and Coatue among its backers, competes with firms including Zomato and Nexus-backed Zepto.
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