Swiggy cuts IPO valuation to $11.3b amid market challenges

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Swiggy, an Indian food delivery service, has reduced its IPO valuation to US$11.3 billion.

This is a decrease from its previous target of US$15 billion, attributed to uncertain market conditions.

BlackRock and the Canada Pension Plan Investment Board plan to participate in Swiggy’s US$1.4 billion IPO.

This is set to be the second-largest offering in India this year.

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