These Indian companies are heavily investing in quick commerce, striving to deliver products within minutes, which showcases their competitive edge in the market.

Swiggy, a prominent food and grocery delivery company backed by SoftBank, is set to launch its $1.35 billion IPO next week, which will be the second-largest stock offering in India for 2024.

The ongoing bidding process for Swiggy's IPO highlights the growing interest in India's food delivery and quick commerce sectors, where goods can be delivered within 10 minutes.

Major investors, including Norway's sovereign wealth fund Norges Bank Investment Management, Fidelity International, Capital Group, BlackRock, and the Canada Pension Plan Investment Board, have submitted bids exceeding $15 billion for Swiggy's IPO, significantly surpassing the $605 million reserved for such investors.

The IPO's anchor book has already attracted bids worth more than $15 billion from these major investors, reflecting the high demand.

However, the company's estimated valuation for the IPO has been adjusted down to $11.3 billion, a 25% decrease from the previous estimate of $15 billion, due to recent stock market corrections.

Research firm Datum Intelligence projects that quick commerce sales in India will soar to $6 billion in 2024, a dramatic rise from just $100 million in 2020, indicating rapid growth in the sector.

Swiggy and its competitors, including Zomato and Reliance, are aggressively expanding their quick commerce services, aiming to deliver a wide range of products rapidly and outperform larger players like Amazon.