Latest Business Updates: The food delivery online platform Swiggy is all prepared to come out with its IPO. In this order, this company got a big offer. In this background, Amazon India has proposed to join hands with the company, according to sources. The two companies may join hands to expand the quick commerce business under Instamart, three people familiar with the matter said.
Sources close to the development said there would be two ways that Amazon and Swiggy would come together. It either purchases a stake in the upcoming IPO or picks up a stake in Instamart. Swiggy submitted draft papers with SEBI to float an IPO of around USD 1.25 billion (Rs 10,414 crore).
But many also say that neither of these two ways is easy for Amazon. No official announcement has come yet. It is believed that Swiggy only wants to sell its commercial business. However it seems that Amazon is not interested in buying the food delivery business. Sources say buying Swiggy’s entire stake is a tough task. Because its value is 10 to 12 billion dollars, which is about Rs. It is said to be 1 lakh crore. It rivals Zomato in online food delivery. Its market value is double Rs 1.9 lakh crores.
Fast delivery is now the preference of these companies. In this series, Swiggy launched Instagram, while Zomato launched Blinkit. Zepto is a competitor of these two in the quick commerce business. Now Flipkart is also thinking of extending its foothold in this business. For this, the company has received funding of USD 1 billion from its parent company, Walmart. The company is going to launch a new business called Flipkart Minutes.