On the cusp of launching its ₹11,327 crore initial public offering (IPO) next week, food and grocery delivery major Swiggy believes quick commerce to be its future growth engine and anticipates that it will outpace its core food delivery business over the next five years. Currently, the quick commerce business of Swiggy—backed by Prosus and SoftBank—is 40 percent of the size of its food delivery revenues.
"Quick commerce addresses a far larger total addressable market (TAM) and is growing faster than the food delivery market," said Sriharsha Majety, Swiggy's co-founder and CEO, on the sidelines of an event to announce the IPO. "It is fair to assume that quick commerce will surpass food delivery at some point in the next five years."
If successful, Swiggy's IPO would rank as the second-largest of the year and the sixth-largest in India's history. The offering includes a fresh issue of ₹4,499 crore and a secondary share sale of 175 million shares by existing shareholders.
Opening on November 6, the price range is set at ₹371-390 per share, with a top valuation projected at about ₹87,300 crore behind its listed rival Zomato, currently valued at ₹2.2 trillion.
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