Swiggy is reportedly looking for a valuation of up to $11.3 billion in its initial public offering, marking a 57% discount to that of rival Zomato's market cap. India's largest food delivery and quick commerce startups are currently seeking the valuation.

The lossmaking Bengaluru-based company has set an IPO price band of ₹371 to ₹390 ($4.41-$4.64) per share for next month's IPO. At the upper end, the valuation would represent only a modest premium to its $10.7 billion private market value from early 2022 — falling short of recent valuations by mutual fund investors Invesco and Baron.

Swiggy is looking to raise $1.34 billion in total, with $535 million coming from fresh share issuance and the rest through existing investor exits. Founded four years ago as a food delivery leader in India's market, Swiggy pioneered quick commerce but lost significant market share both in food delivery and in quick commerce, where it is now third behind Zomato's BlinkIt and Nexus-backed Zepto.

Zomato, which recently announced plans to raise up to $1 billion through a qualified institutional placement, stands at a market cap of $26.2 billion.