Swiggy doesn't want a 'bad IPO', cuts valuation to $11.3 billion: Report

Swiggy has slashed its IPO to $11.3 billion, 25% below the initial goal of $15 billion amid market volatility and the lacklustre debut of Hyundai India, Reuters reported. Swiggy does not want a "bad IPO", a person aware of the development said. Earlier, it was reported that Swiggy is aiming for a $12.5 billion-13.5 billion valuation for its upcoming IPO.