The foodtech giant Swiggy has secured approximately $605 million (Rs 5,085 crore) from more than 75 anchor investors in advance of its eagerly awaited IPO. On Wednesday, November 6, the Bengaluru-based company is expected to launch its initial public offering (IPO).

The company said in a statement, “Trading Members of the Exchange are hereby informed that, under the Anchor Investors (AIs) portion in the Public Issue of Swiggy Limited, 13,03,85,211 equity shares have been subscribed today at Rs. 390 per equity share”.

Investors that took part in the anchor round include BlackRock, Fidelity, SBI Mutual Fund, ICICI Prudential Mutual Fund, HSBC, Nomura, BNP Paribas, and Allianz Global, according to media sources.

Swiggy wants to be valued at $11.3 billion when it goes public. Although the new issue's size was boosted by 20% to Rs 4,499 crore, its original $12–15 billion valuation was lowered.

Swiggy's early investors, including Prosus, Accel, Elevation, and Norwest, will also receive a sizable payout from the public offering. The co-founders of the business, Rahul Jaimini, Nandan Reddy, and Sriharsha Majety, will also sell some of their shares.

From Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24, Swiggy claimed a 36% rise in revenue. In the same time frame, it also reduced losses by 44% to Rs 2,350 crore.

After Zomato, Swiggy will be the second foodtech company from the Indian startup scene to list on a public exchange. The business, founded by Deepinder Goyal, went public in July 2021 and now has a market worth of about $25.84 billion, about 2.3 times Swiggy's projected valuation.