Ahead of its IPO, the startup is at its most vulnerable. With a quick commerce mainstay that trails Zomato’s Blinkit by a distance—and is burning cash to play catch-up—profits will clearly have to wait.
The Swiggy leadership and its investors must congratulate themselves for reaching the IPO milestone. The applause will be short-lived though. A detailed reading of the 532-page draft prospectus filed ahead of the public listing doesn’t paint the strongest picture of the startup or its immediate future, despite its commendable run until now.
Ahead of what is being billed as one of the largest IPOs in India’s tech ecosystem, Swiggy has spent the past many months trying to get everything right—offer size, valuation and a (confidential) filing where it would have the flexibility to change the terms later on. Now, …
Ujval leads our Business vertical at The Morning Context. In a corporate career spanning 14 years, he has worked across startups, consulting firms, multinational corporations and large Indian companies, including India Infoline, ICICI, KPMG, Tata Steel and Jubilant Pharma. Ujval has been a freelance writer and trainer for eight years, with bylines in Forbes India and The Economic Times.
Editor, Business
ujval@mailtmc.com
Pune
Harveen is a co-founder at The Morning Context, and leads our Internet coverage. She has previously worked as a media, consumer and tech reporter at The Ken and Mint. At The Morning Context, she writes on startups, venture capital, consumer and media businesses—from e-commerce to healthtech to streaming.
Editor, Internet
harveen@mailtmc.com
Dubai