Last night, foodtech major Swiggy released its Draft Red Herring Prospectus (DRHP) as the company enters the final stages of a protracted foray into the public markets. The planned listing will see Swiggy raise a mammoth $1.25 billion, giving sizable exits to many of its investors.

Swiggy’s initial public offering (IPO) could not have come at a better time for the company. The Bengaluru-based unicorn is going public at a time when sentiments around quick commerce, its second-largest business behind only food delivery, are overwhelmingly bullish.

Interestingly, Swiggy is looking at a valuation of just around $12-15 billion, which is less than half that of its listed rival Zomato, which commands a valuation of ~$30 billion. Here are the five key takeaways from Swiggy’s DRHP, what they say about the company’s trajectory, and why it’s only seeking half the valuation that Zomato, its long-time rival, commands. 

Prosus avoids promoter status, SoftBank to stay invested

Prosus, formerly known as Naspers, made its first investment in Swiggy in 2017, leading the company’s $80 million Series E funding round. Since then, Prosus has either led or actively participated in nearly every subsequent funding round for Swiggy.