By Sophia Kunthara,

India-based food-delivery company Swiggy is preparing for an IPO, TechCrunch reported Wednesday.

The company, which was most recently valued at $10.7 billion, has hired bankers for the deal, including JP Morgan and ICICI Securities, per the report.

Swiggy aims to compete with India-based Zomato, which went public in the summer of 2021 after raising more than $2.1 billion in funding. It’s unclear whether Swiggy is exploring an IPO based in India or on an international exchange like the New York Stock Exchange or Nasdaq.

Venture-backed companies in the food-delivery space raised more than $11 billion last year globally, up from around $8.5 billion in 2020...