Expect good returns if Swiggy goes public: SoftBank founder Masayoshi Son
Swiggy had announced a Rs 9,345 crore ($1.25 billion ) fundraise in a round led by SoftBank Vision Fund 2 and Prosus last month
SoftBank founder Masayoshi Son said that its portfolio company Swiggy is expected to deliver good returns if the food delivery platform goes public. Masayoshi said that recently Swiggy’s rival Zomato had gone public and its share price is doing good.
Zomato’s IPO made a stellar debut last month. Its shares are rose to 53% against the issue price of Rs 76 and its market valuation has crossed Rs 1 Lakh-crore mark.
” If they (Swiggy) go public, I believe that we will be able to see good returns from here too, that’s our expectation,” Son said.
Swiggy had announced a Rs 9,345 crore ($1.25 billion ) fundraise in a round led by SoftBank Vision Fund 2 and Prosus last month. It raised the market value of the food delivery platform to $5.5 billion (around Rs 41,125 crore). The company has not yet announced any IPO plans.
Swiggy takes 1.5 million orders a day. The platform has about 20 million monthly active users. It has 1.2 lakh restaurant partners and 2 lakh, delivery partners.
Swiggy is also making delivery of goods other than food and that the number of orders per day has increased by about 2.5 times in one year, Son added. The company’s revenue has increased by 2.8 times in one year.