Swiggy Sets Stage for IPO With Shareholder Approval, Plans To Raise Over ₹10,000 Cr

Swiggy has obtained shareholder approval for its Initial Public Offering (IPO), according to regulatory filings.

What Happened: As reported first by ET in an article, the food and grocery delivery giant aims to raise up to ₹3,750 crore in fresh capital and an additional ₹6,664 crore through an offer-for-sale (OFS) per filings with the Registrar of Companies.

The company is also planning to secure approximately ₹750 crore from anchor investors in a pre-IPO round, although it has not yet filed its IPO documents with the Securities and Exchange Board of India (SEBI).

Swiggy’s IPO is among several from new-age startups preparing to go public this year, including omnichannel retailer Firstcry, Ola Electric, and Ather.

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A special resolution passed during an extraordinary general meeting (EGM) on April 23 confirmed shareholder consent for issuing equity shares up to ₹3,750 crore and selling existing shares up to ₹6,664 crore.

Prosus, listed in the Netherlands, holds the largest stake in Swiggy at 33%, followed by SoftBank. Other significant shareholders include Accel, Elevation Capital, and Meituan, among others.

For the fiscal year ending March 2023, Swiggy reported a 45% increase in revenue to ₹8,265 crore from the previous year, although its net loss widened by 15% to ₹4,179 crore.

In January 2022, after leading a $700 million funding round, Invesco marked up Swiggy’s valuation to $12.7 billion, while Baron Capital also recently adjusted the fair value to $12.1 billion.

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Posted In: NewsIPOsSwiggy