Swiggy or Zomato. Zomato, currently profitable with a larger market share, has seen a stock surge. Analysts believe Swiggy, though currently unprofitable, might become a stronger competitor post-IPO with funds directed towards expansion and achieving profitability.

Swiggy and Zomato hold almost a duopoly in India's online food delivery business, with Zomato having an edge in terms of market share and profitability

Swiggy sold shares worth $605 million to institutional investors including Fidelity and Norges on Tuesday as the food delivery firm launches a $1.35 billion IPO that will be India's second-largest stock offering this year.

At the upper-end of the price band of ₹371 to ₹390 per share, Swiggy IPO will value the Softbank-backed company at $11.3 billion, slightly higher than its valuation during the last funding round in 2022.