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Ecommerce giant Amazon, which competes with Flipkart in the Indian market, has reached out to Swiggy for a potential deal involving Swiggy's quick commerce business Instamart, ET reported.

Amazon is in talks to either pick up a stake in Swiggy's ongoing pre-IPO placement or a buyout proposal for Instamart, the report added.

The report comes months after Swiggy confidentially filed draft papers with SEBI for a $1.25 billion IPO.

"Amazon has swooped in with interest to either pick up a stake in the ongoing pre-IPO placement or a buyout proposal for Instamart… but there are multiple roadblocks at the moment," the publication's report cited a person who knows about the matter as saying.

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