IPO · Mobility & Logistics

Swiggy shareholders approve $1.25 Bn IPO

By Startup Enthusiast · 25 April 2024

What they do

Swiggy runs a food delivery platform and quick commerce service across India

Shareholders approved a $1.25 Bn IPO with a fresh issue of Rs 3,750 Cr and an offer-for-sale of Rs 6,664 Cr

The company turned into a public entity and reports FY23 revenue of Rs 8,265 Cr and a loss of Rs 4,179 Cr

Swiggy's shareholders have approved a $1.25 Bn IPO (initial public offering, the first time a company sells shares to the public).
The IPO includes a fresh issue of up to Rs 3,750 Cr ($450 Mn) and an offer-for-sale (OFS, existing shareholders sell their shares) of up to Rs 6,664 Cr ($800 Mn).
The company's board passed a special resolution to issue the fresh shares and the OFS.
Sri Harsha Majety has been appointed as the executive director for three years starting 1 April 2024.
Majety's remuneration is set at Rs 2.5 Cr in FY25 and Rs 3 Cr in FY26.
Rahul Bothra has been appointed as the CFO (chief financial officer).
M. Sridhar has been appointed as the company secretary and compliance officer.
Recently, Swiggy converted from a private entity into a public company, a key step before an IPO.

This IPO approval comes as Swiggy strengthens its leadership team with a new executive director, CFO, and company secretary.
Despite a loss of Rs 4,179 Cr in FY23, the company reported losses of Rs 1,600 Cr in the first three quarters of FY24, suggesting improving financials.
Investors like Invesco have valued Swiggy at $12.7 Bn, and a pre-IPO deal was pitched to high-net-worth individuals at a 20% discount.

Swiggy operates a food delivery platform connecting restaurants with customers across India.
It also runs Instamart, a quick commerce service delivering groceries and essentials in minutes.
Swiggy reported revenue of Rs 8,265 Cr in FY23 and Rs 5,476 Cr in the first three quarters of FY24.
The company's losses were Rs 4,179 Cr in FY23 and Rs 1,600 Cr in the first three quarters of FY24.