Investor SoftBank’s Chief Executive Officer Masayoshi Son said that its portfolio company Swiggy could deliver “good returns" if the food delivery platform were to go public on Tuesday.
CEO Masayoshi Son while speaking at a post-earnings presentation for SoftBank said that one of Swiggy's rivals has recently gone public and its share price is doing great.
After, Zomato made a starry debut on Dalal Street last month with its shares zooming nearly 53 percent against the issue price of rupees 76 and its market valuation crossing the rupees 1 lakh crore mark.
Nothing that Swiggy and the rival (Zomato) are two dominant players in the Indian market with an equal market share, to which he said, " if they (Swiggy) go public, I believe that we will be able to see good returns from here too, that's our expectation".
Swiggy, the online food delivery platform had announced a fundraise last month of USD 1.25 billion that is rupees 9,345 crore in a fundraising round led by SoftBank Vision Fund 2 and Prosus. To which, it had raised the market value to USD 5.5 billion that is around rupees 41,125 crore.
Swiggy has not announced any IPO plans yet. SoftBank’s founder also added in his post-earnings presentation on Tuesday that Swiggy was clocking 1.5 million orders a day and it has about 20 million monthly active users with 1.2 lakh restaurant partners and 2 lakh delivery partners across the nation.
SoftBank’s founder noted that besides food, Swiggy is also making delivery of goods which made the number of orders per day has increased by about 2.5 times in a year and revenue by 2.8 times in a year.