Swiggy seeks a valuation of INR 84,000-109,000 Cr. This is a 55%-66% discount to Zomato's INR 245,522 Cr valuation.
Swiggy’s revenue lags Zomato by 23%, driven by food delivery and quick commerce segments, where Zomato is ahead in growth.
Swiggy’s food delivery business is 23% smaller than Zomato, growing at 14%, while Zomato’s growth rate stands at 27%.
Swiggy’s quick commerce segment is 57% smaller than Zomato’s Blinkit, and growth is half of what Zomato achieved in Q1 FY25.
Zomato’s profits are 5.4 times larger than Swiggy’s, with better Ebitda margins in both food delivery and quick commerce businesses.
Zomato has overtaken Swiggy in average order value for food delivery, with a 36% lead in Q1 FY25.
Swiggy faces higher costs and lower order sizes in quick commerce, leading to adjusted-Ebitda margins of -11.7% vs. Zomato’s -0.1%.
Swiggy’s IPO seeks to raise INR 11,150 crore, with INR 3,750 crore from fresh issues and the rest from existing shareholders.
While Swiggy remains in a duopoly with Zomato in food delivery, Zomato continues to extend its lead, especially in quick commerce.