Has the Zomato IPO had an impact on the valuations of Swiggy?

Today, the food delivery business is dominated by Zomato and Swiggy so it is obvious that the IPO valuations of Zomato would rub off on Swiggy too. Of course, in this case, the rub off effect appears to be quite strong. Based on its latest round of funding raised by Swiggy worth $1.25 billion, Swiggy has an indicative valuation of $5.5 billion. The round had funding participation from Softbank apart from existing investors; Accel Partners and Wellington.

Zomato was valued at around $200 million in 2016 so the value accretion from $200 million to $5.5 billion has been tremendous in the last 5 years. Zomato recently got a valuation of $8 billion in its IPO, which is expected to cross $10 on listing. For now, Swiggy needs a war chest to counter competition from Zomato, Amazon, Dunzo and Ola Foods and that is happening. Food services is an estimated $65 billion market in India and growing at 9%.