India’s popular food delivery app, Swiggy, is gearing up for its initial public offering (IPO) and has shortlisted seven prominent investment banks as advisors for the anticipated event. The Swiggy IPO, expected to hit the market by 2024, is poised to raise approximately $1 billion, according to a report by Moneycontrol.

The selected investment banks include Kotak Mahindra Capital, Citi, JP Morgan, ICICI Securities, Jefferies, Bofa Securities, and Avendus Capital. While the report is based on sources familiar with the matter, neither Swiggy nor the investment banks involved have officially commented on the matter as of now.

Swiggy had previously postponed its plans for an IPO due to unfavorable market conditions. Factors such as concerns about high valuations and a slowdown in fundraising contributed to the decision to halt the IPO. However, as market conditions improved, Swiggy reignited its IPO plans. In September, the company invited eight investment banks to present their pitches for involvement in the IPO, as reported by Reuters.

Swiggy’s main competitor, Zomato, went public in 2021 and has seen an uptick in its share prices over the past six months, following reported profits in the last two quarters. Despite an initial decline following its IPO, Zomato’s shares have garnered significant interest from investors.

The increasing demand for online food ordering in India has driven both Zomato and Swiggy to expand their services to smaller towns and cities. This growth in the food delivery sector underscores the potential of the upcoming Swiggy IPO, which is expected to make a significant impact on the Indian stock market.

Stay tuned for updates on Swiggy’s IPO journey, as the company aims to solidify its position in the competitive food delivery industry.