But as global and Indian markets have rebounded, Swiggy has restarted its IPO planning by inviting eight investment banks to make pitches in early September to work on the IPO, including Morgan Stanley, JP Morgan and Bank of America. Swiggy had initially considered raising $800 million to $1 billion via the IPO, banking sources who worked on it in early 2022 have said
Food delivery startup Swiggy will buy back shares worth $50 million from 2,000 employees as part of its employee stock option plan (ESOP). This move puts Swiggy among the companies that have rewarded their employees this year, including Flipkart.
With the acquisition, Swiggy enters India’s food and grocery retail market, which is amongst the world’s largest and fastest-growing, estimated to be USD 570 billion in size and expected to grow at 8 per cent year-on-year. Founded in 2014, Swiggy is India’s leading on-demand convenience platform with a vision to elevate the quality of life for the urban consumer by offering unparalleled convenience., Companies News, Times Now