What Swiggy's IPO prep means for its employees

<p>Foodtech giant, Swiggy, wants to raise more than $1 billion through its public offering that is scheduled for mid-2024. For this it is going by its last funding round’s valuation of nearly $ 11 billion. </p><p><br /></p><p>But why now? Because it is watching its biggest rival Zomato’s stock price finally recover this year with back-to-back profitable quarters. Earlier this year, Swiggy CEO announced in a blog post that Swiggy’s food delivery business has finally turned profitable after 9 years of its inception. And by March next year, the company as a whole aims to become profitable. </p><p><br /></p><p>But the company suffered losses with more than $ 500 million in FY 2023.</p><p>How does it plan to become profitable by March 2024?</p><p>Tune in to find out.</p><p><strong><em>Recommendation</em></strong></p><p><a href="https://the-ken.com/dayzero/isb-welcomed-a-large-batch-last-year-now-many-of-them-may-have-nowhere-to-go/?utm_source=web&amp;utm_medium=homepage&amp;utm_campaign=con_1_unit_1"><em>Day Zero: ISB welcomed a large batch last year. Now the scramble is on to get them all jobs</em></a></p><p><br /><em>Daybreak is produced from the newsroom of </em><a href="https://the-ken.com/"><em>The Ken</em></a><em>, India’s first subscriber-only business news platform. </em><a href="https://the-ken.com/pricing/"><em>Subscribe</em></a><em> for more exclusive, deeply-reported, and analytical business stories.</em></p>