The SoftBank-backed Indian food delivery major, Swiggy is looking to raise $1 to 1.2 billion for its next stock market offering by valuing itself at about $15 billion.

This deal could be one of the highest IPOs in India this year.

In India, both food delivery majors, Swiggy and Zomato are constantly competing in the online restaurant and cafe meal delivery market.

Both companies have been on equal competing grounds especially amid the surge in "quick commerce," which involves the delivery of groceries and other goods in as less as 10 minutes.

Regarding Swiggy’s plan to go public, the food delivery major received the nod from shareholders for a maximum $1.25 billion valuation.

Additionally, the food delivery major is also expected to receive approval from the Indian markets regulator confidentially in about a month from now.

It is not certain on the particular amount for valuation, but the food delivery major is targeting a $15 billion valuation.

In 2022, Invesco led its final investment round, which resulted in a $10.7 billion valuation.

To better compete with Zomato, Swiggy planned to construct more warehouses and grow its rapid commerce Instamart business using the revenues from its IPO.

Since going public in 2021, Zomato's shares have more than doubled, and the company is currently valued at almost $28 billion.

In April, Goldman Sachs said that quick deliveries made up $5 billion, or 45 percent, of the $11 billion Indian online grocery business. The company predicted that by 2030, the category would own a 70 percent share of the market.

While grocery delivery at Instamart is still losing money, Swiggy's food delivery operation is profitable.