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Food and grocery delivery firm Swiggy is said to have restarted its initial public offering (IPO) plans after halting it earlier this year following weak market sentiment, Reuters said in a report.

The Bengaluru startup, which was last valued at $10.7 billion after it raised $700 million, has initiated talks with bankers to assess its valuation, the report said.

The company is using its last funding round valuation of $10.7 billion as a benchmark for its IPO planning, but is yet to decide on the potential stake sale or final valuation, it added.

Swiggy did not respond to YourStory’s queries at the time of publishing this article.

The company has reportedly invited eight investment banks, including Morgan Stanley, JP Morgan, and Bank of America, to make pitches in early September to work on the IPO.

The food delivery company, which was to float a public listing in September 2023 as per media reports, postponed it following turbulent macroeconomic conditions. It even appointed three independent directors to its board for the public listing.

After Swiggy’s food delivery business turned profitable in March, Co-founder and CEO Sriharsha Majety said the company has become one of the very few global food delivery platforms to achieve profitability in less than nine years of its inception.

However, Swiggy has witnessed multiple valuation markdowns due to market volatility in recent months.

Invesco, one of Swiggy’s top investors, cut the worth of its holding in the food delivery firm to $5.5 billion. Baron Capital marked down the valuation by 10% in May.