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Swiggy, one of India’s top food delivery and quick-commerce startups, is aiming for a valuation of $11.3 billion in its upcoming IPO. This represents a 57% discount compared to rival Zomato’s market cap.
### Seeking a Premium
The Bengaluru-based company has set an IPO price band of ₹371 to ₹390 ($4.41 to $4.64) per share. Despite this, the valuation falls short of recent valuations by mutual fund investors Invesco and Baron.
### Competitive Landscape
Swiggy, once a leader in India’s food delivery market, has now slipped to third place in quick commerce behind Zomato’s Blinkit and Nexus-backed Zepto. Meanwhile, Zomato continues to dominate with a current market cap of $26.2 billion.
