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Swiggy, 2024’s biggest tech listing, falls below its IPO price and 2022 valuation
Indian food delivery company Swiggy's stock fell below both its IPO price and its last private valuation as mounting losses and a wavering market position Swiggy, the world's largest tech listing of 2024, has fallen below both its IPO price and its last 2022 private valuation.
Indian food delivery company Swiggy’s stock fell below both its IPO price and its last private valuation as mounting losses and a wavering market position in quick commerce pressured its margins in the last quarter. The stock market’s reaction marks a change in sentiment towards Swiggy, which posted the world’s largest tech IPO last year and earned a private valuation of $10.7 billion in early 2022. All of the major quick-commerce platforms have strong financial backing, giving them the ability to sustain prolonged periods of high marketing spend and expansion costs.
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