New Delhi: Food delivery aggregator Swiggy has launched an international login service to allow Indians living abroad a chance to partake in Diwali festivities by sending gifts and food to relatives living in India. The International Login feature was launched days ahead of Diwali for residents of the US and Canada apart from the IK and Germany, according to an official statement. The food delivery aggregator, which is slated to launch its IPO soon, will offer credit card- and UPI-based payment options to international number users, it said.
“With ‘International Login’ (feature), those living abroad can now surprise their loved ones on special occasions” said Phani Kishan, Co-founder of Swiggy. This caters to a longstanding demand made by the app’s users, he added.
Swiggy IPO details
Swiggy has reportedly cut its valuation target to $12.5-13 billion, a 10-16 per cent downside, Reuters reported. The valuation cut has been made while keeping current market conditions in mind, the newswire reported, citing peopel familiar with the matter.
Swiggy’s IPO is expected to be India’s second largest initial public offering after the recent Hyundai Motor India IPO. The public issue is expected to list on the BSE and NSE on November 13, 2024. Apart from a fresh issuance, the IPO may also comprise a sizeable offer for sale in which key investors such as Prosus may be looking for an exit.
Swiggy competes directly with Zomato. The company’s quick grocery delivery arm InstaMart is a direct rival of Zomato’s Blinkit, apart from Zepto, and Tata Digital’s BigBasket, among others.
The company’s revenues stood at Rs 310 crore as of June 30, 2024, compared to Rs 11,634 crore in the period ending March 31, 2024.
