Food delivery giant Swiggy is preparing for an IPO next year with an aim of raising $800 million, said a report by Nikkei Asia. The move comes despite the reversal of fortune its rival Zomato faced in its debut in the market.

According to the report, SoftBank Group-backed Swiggy has started adding independent directors to the board since it is planning to position itself as a logistics company.

The development comes not long after Swiggy became a decacorn by raising $700 million in a funding round led by Invesco. The fund infusion helped the startup to double its valuation to $10.7 billion, overtaking its rival Zomato.

Swiggy is also planning to invest $700 million in Instamart, which has expanded to 19 cities in the past few months.

Swiggy reported a 23 percent fall year-on-year in revenue at Rs 2,145 crore in the last financial year. But, its net loss decreased 65 percent YoY to Rs 1,314 crore, showed regulatory documents sourced by business intelligence platform Tofler, as per the report.

However, the move to go public by Swiggy comes at a critical juncture for the Indian startup ecosystem. Many startups-- Paytm, Zomato, PolicyBazaar, and Nykaa—who made a bumper entry into the market in the recent past are now struggling following the fall of value to record levels.