Is a Swiggy IPO out for delivery? SoftBank chief says can deliver returns like Zomato

Softbank is hopeful that it's investment in food delivery giant Swiggy can deliver  the same if not better returns that the blockbuster debut of Zomato. 

SoftBank’s founder Masayoshi Son in a post earnings call with analysts said "If they go public, I believe that we will be able to see good returns from here too. That's our expectation.” Son also noted that Zomato’s share price was doing “great” after its listing.

Also watch: Zomato Earnings Menu: Loss widens, 1 billion orders delivered, order value up 4 times

In a presentation on Tuesday, SoftBank chief said that Swiggy was clocking 1.5 million orders a day and that it had around 20 million monthly active users. Describing the company as a “convenience delivery platform, “he said Swiggy’ s revenue grew 2.8 times between June 2020 and June 2021 while daily orders increased 2.5 times.Son however did not provide revenue figures for Swiggy. 

Softbank led $1.25 billion fund raising for Swiggy last month just ahead of Zomato's listing. 

Also watch: Oyo ready to book itself in for an IPO this year, Microsoft also set to check in