Divya Delhi :According to a January note from Bernstein, Zomato held an approximate 54% gross merchandise value share in the food delivery industry during the first half of 2023, while Swiggy held the remaining share.Reportedly, Swiggy, a market leader in food and grocery delivery, has submitted preliminary documents to Sebi in preparation for an initial public offering. A confidential filing by the firm, as reported,The development follows Swiggy's shareholders' approval of a proposal for a $1.25-billion public offering (IPO). The IPO comprises 450 million new shares and a $800-million offer-for-sale (OFS) by existing shareholders.  The Bengaluru-based organization intends to procure an additional Rs 3,750 crore in funding via the issuance of new equity shares, in addition to a Rs 6,664 crore offer-for-sale component.During the meeting, Swiggy appointed co-founders Sriharsha Majety and Nandan Reddy as executive directors. Majety was appointed CEO of the group and managing director. In 2021, Zomato, Swiggy's primary competitor in the food delivery industry, went public.According to a January note from Bernstein, Zomato held an approximate 54% gross merchandise value share in the food delivery industry during the first half of 2023, while Swiggy held the remaining share. Swiggy is supported by, among others, Prosus, Accel, SoftBank, and Invesco. In 2022,, at a valuation of $10.7 billion, the organization raised $700 million.