What Swiggy's IPO prep means for its employees

Foodtech giant, Swiggy, wants to raise more than $1 billion through its public offering that is scheduled for mid-2024. For this it is going by its last funding round’s valuation of nearly $ 11 billion. 

But why now? Because it is watching its biggest rival Zomato’s stock price finally recover this year with back-to-back profitable quarters. Earlier this year, Swiggy CEO announced in a blog post that Swiggy’s food delivery business has finally turned profitable after 9 years of its inception. And by March next year, the company as a whole aims to become profitable. 

But the company suffered losses with more than $ 500 million in FY 2023.

How does it plan to become profitable by March 2024?

Tune in to find out.

Recommendation

Day Zero: ISB welcomed a large batch last year. Now the scramble is on to get them all jobs

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.