Indian food delivery giant Swiggy cuts valuation target for IPO

Indian food delivery giant Swiggy cuts valuation target for IPO

FILE PHOTO: Gig workers prepare to deliver orders outside Swiggy's grocery warehouse at a market area in New Delhi, India, May 6, 2024. REUTERS/Priyanshu Singh/File Photo

Indian food delivery giant Swiggy SWIG.NS is internally aiming for a company valuation of $12.5 billion-13.5 billion for its upcoming IPO, cutting its target by 10-16% due to market volatility, two people with direct knowledge said on Thursday.