SUMMARY
- Swiggy launches International Login feature for NRIs to order food, groceries, and gifts in India.
- The IPO targets Rs 3,750 crore and is expected to launch on November 13.
- Swiggy lowers its valuation target to $12.5 – $13.5 billion due to market conditions.
Swiggy, India’s popular food delivery platform, has introduced a new ‘International Login’ feature that enables Non-Resident Indians (NRIs) in the US, Canada, Germany, and the UK to order food, groceries, and gifts for their loved ones in India. The feature also allows users to make table reservations via Dineout and order from Instamart, Swiggy’s quick commerce platform, all from the Swiggy app.
Swiggy Co-founder Phani Kishan shared, “This feature, long requested by our international users, is launching just in time for the festive season, allowing those abroad to surprise loved ones on special occasions.” Payments can be completed using international credit cards or UPI options.
Swiggy, preparing for an IPO to raise Rs 3,750 crore through a new equity issue, has filed updated documents with Sebi, India’s market regulator. Market analysts estimate the IPO size could exceed Rs 10,000 crore.
Originally targeting a $15 billion valuation, Swiggy has revised its valuation goal to $12.5 billion – $13.5 billion, reflecting a 10-16% reduction due to market volatility. This adjustment comes amid a correction in Indian stocks, as India’s Nifty 50 index faces potential declines for four consecutive weeks.
Swiggy is slated to debut on the Mumbai stock exchange on November 13, with IPO subscriptions opening a week prior.
Swiggy continues to face stiff competition from Zomato in India’s online food delivery and quick commerce markets. Both platforms are deeply invested in the quick commerce model, aiming to deliver essentials within minutes.
