FILE PHOTO: Softbank-backed food delivery firm Swiggy said it aims to raise $448.56 million in its IPO.
| Photo Credit: THG

Softbank-backed food delivery firm Swiggy said on Thursday it aims to raise 37.5 billion rupees ($448.56 million) in its initial public offering, which looks set to be among India’s biggest listings this year.

Existing shareholders including Accel India and Tencent Europe will sell about 185.3 million shares, the Bengaluru-based startup said in its draft prospectus.

Swiggy’s long-awaited public listing comes amid a booming IPO market, with 198 companies having raised $7.1 billion in the year to Sept.4, more than double the amount for the same period last year.

The company, backed by investment group Prosus and Japan’s SoftBank, competes with Zomato in India’s online restaurant and cafe food deliveries sector.

Both companies have made major bets on the new so-called quick commerce boom where groceries and other products are being delivered in 10 minutes.