Swiggy, the Indian food and grocery delivery company backed by SoftBank, is preparing for an initial public offering (IPO) with a targeted valuation of approximately $15 billion. This move comes as the company aims to raise between $1 billion and $1.2 billion. Earlier valuations in June placed Swiggy at $11.5 billion, according to 360 One, formerly IIFL Wealth Management. The IPO proceeds are expected to be used to expand Swiggy's quick commerce Instamart business and open more warehouses, enhancing its competitive edge against rivals like Zomato. Swiggy's revenue for the first half of fiscal year 2024 reached Rs 7,474 crore, which annualizes to Rs 14,947 crore for the fiscal year ending March 2024.