Swiggy, the Indian food delivery giant, seeks $1.25 billion in IPO after receiving shareholder approval

Swiggy plans to raise $1.25 billion in an initial public offering and has secured approval from its shareholders, the Indian food delivery and instant commerce startup disclosed in a filing to the local regulator.

The Bengaluru-headquartered startup plans to raise $450 million through issuance of new shares, and offer $800 million of shares from existing backers in the IPO, it wrote in a filing to Ministry of Corporate Affairs.

The Indian startup ecosystem has been eagerly anticipating Swiggy’s public debut, which is slated for later this year. Swiggy counts Prosus, Accel, SoftBank and Invesco among its backers.

This is a developing story. More to follow.