Swiggy Lowers IPO Valuation to $11.3 Billion Amid Market Volatility

The Indian food delivery giant plans to launch its IPO between November 6-8, with major investments from BlackRock and CPPIB.

• Swiggy has reduced its IPO valuation by 25% from an initial $15 billion due to market instability and recent IPO performances.
• BlackRock and Canada Pension Plan Investment Board are confirmed investors in Swiggy's $1.4 billion IPO.
• The IPO is set to be India's second-largest this year, with a total size estimated between ₹11,700 crore to ₹11,800 crore.
• Swiggy's primary competition in the food delivery sector is Zomato, which has seen significant stock performance since its own IPO.
• The IPO's launch is strategically scheduled after the U.S. presidential election, amidst ongoing global economic uncertainty.

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