Swiggy Valued at Over $12B Ahead of Expected 2023 IPO as Food Delivery Leader Eyes Growth Beyond Restaurant Delivery
• Baron Capital values Swiggy at $12.16B, higher than its 2022 valuation of $10.7B • Swiggy commands 45% market share in Indian food delivery and is poised to benefit from market growth • Swiggy reported profitable food delivery business in 2022 and plans an IPO this year • Competition Zomato's shares have surged with improved finances, now at $17B market cap • Swiggy expanding offerings beyond food into consumer electronics via 20-minute delivery