Food and grocery delivery major Swiggy has received capital markets regulator Sebi's clearance to launch its much anticipated Initial Public Offering (IPO), sources said on Wednesday.

Swiggy filed its offer document on April 30 through the confidential pre-filing route, keeping details undisclosed for the time being.

Under the confidential filing process, Swiggy will submit two updated draft prospectuses after Sebi's approval -- one addressing the regulator's feedback and the other for public comments over 21 days. Only then will the final prospectus be filed, and the company can launch roadshows for the IPO, sources said.

Swiggy, founded in 2014, had a valuation of nearly USD 13 billion in April.

The company's annual revenue stood at USD 1.09 billion as on March 31, 2023 and has more than 4,700 employees, according to Tracxn, a global startup data platform.

In April, sources had previously stated that Swiggy received shareholders' approval for an IPO to raise Rs 10,414 crore fund through issue of fresh equity shares and an Offer-For-Sale (OFS).

A special resolution was passed at an extraordinary general meeting of Swiggy on April 23, they stated.

According to sources, the Bengaluru-based company plans to raise up to Rs 3,750 crore funds through fresh equity shares, in addition to an OFS component of up to Rs 6,664 crore.

The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they had added.

Last week, Swiggy announced the launch of a new initiative "Project Next", aimed at providing career growth opportunities for its delivery partners while accelerating restaurant onboarding.

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