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Business News/ Companies / News/  A Swiggy IPO likely to deliver good returns: SoftBank's Masayoshi Son
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A Swiggy IPO likely to deliver good returns: SoftBank's Masayoshi Son

Speaking at a post-earnings presentation for SoftBank, Son said one of Swiggy's rivals has recently gone public and its share price is doing great

SoftBank's Masayoshi Son (Bloomberg)Premium
SoftBank's Masayoshi Son (Bloomberg)

New Delhi: SoftBank founder Masayoshi Son on Tuesday said its portfolio company Swiggy is expected to deliver “good returns" if the food delivery platform were to go public. Speaking at a post-earnings presentation for SoftBank, Son said one of Swiggy's rivals has recently gone public and its share price is doing great.

Last month, Zomato made a stellar debut on Dalal Street with its shares zooming nearly 53 per cent against the issue price of 76, and its market valuation crossing the 1-lakh-crore mark.

Noting that Swiggy and the rival are two dominant players in the Indian market with an equal market share, Son said: "...if they (Swiggy) go public, I believe that we will be able to see good returns from here too, that's our expectation". Last month, Swiggy had announced a USD 1.25 billion ( 9,345 crore) fundraise in a round led by SoftBank Vision Fund 2 and Prosus that raised the market value of the food delivery platform to USD 5.5 billion (around 41,125 crore).

Swiggy has not formally announced any IPO plans yet. In his presentation on Tuesday, Son said Swiggy was clocking 1.5 million orders a day, and that the platform has about 20 million monthly active users. It has 1.2 lakh restaurant partners and 2 lakh delivery partners. Son noted that Swiggy is also making delivery of goods other than food and that the "number of orders per day has increased by about 2.5 times in one year" and "revenue has increased by 2.8 times in one year".

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Published: 10 Aug 2021, 10:42 PM IST
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