According to reports, Swiggy investor 360 One WAM, formerly IIFL Wealth Management, valued the IPO-bound food- and grocery-delivery firm at $11.5 billion as of June.

Swiggy recorded sales of Rs. 7,474 crore in the first half of 2024, 360 One announced in a presentation to its customers. This is equivalent to Rs. 14,947 on an annualized basis through March.

Food delivery orders change cyclically. Therefore, final figures may differ and will only be known when Swiggy, confidentially filed for an IPO, discloses this year's financial results.

This is the latest valuation for Swiggy, obtained from a private investor, even though the Bengaluru-based company is in the midst of a $1.25 billion IPO process.

Its listed rival Zomato recorded a market capitalization of $21.5 billion on June 25. Since then, its market capitalization has risen to $28 billion, partly due to the rapid growth of its quick commerce business, Blinkit; Swiggy's Instamart competes with Blinkit and Zepto in quick commerce.

These valuations are periodic and may vary from investor to investor. For example, Baron Capital valued Swiggy at $14.76 billion as of June, compared to $15.1 billion three months earlier. However, these valuations remain important as the Prosus-backed company is expected to obtain Sebi's approval within the next few weeks and to publish its IPO filing next month.

According to reports, Swiggy is rapidly moving toward Ebitda breakeven because of improving operating metrics and greater scale. Gross order value is at Rs 17,528 crore (27 percent YoY) in H1 FY24: 18 percent growth in food delivery, 57 percent growth in Instamart & 188 percent growth in Dine Out.