IPO · Mobility & Logistics

Swiggy files updated DRHP for Rs 10,414 crore IPO (Rs 3,750 crore fresh issue plus Rs 6,664 crore OFS)

By Startup Enthusiast · 27 September 2024

What they do

Swiggy operates a consumer-first technology platform offering food delivery, grocery via Instamart, and other services

The company filed an updated DRHP with SEBI for an IPO of Rs 10,414 crore, including a fresh issue of up to Rs 3,750 crore

Existing shareholders Prosus and Accel India are selling shares in the OFS component valued at Rs 6,664 crore

The total IPO size is Rs 10,414 crore, comprising a fresh issue and an offer for sale (OFS).
The fresh issue component allows Swiggy to raise up to Rs 3,750 crore in new capital.
Existing shareholders Prosus and Accel India are selling equity shares worth Rs 6,664 crore in the OFS.
Swiggy plans to use fresh funds for debt repayment, Instamart expansion, marketing, and technology infrastructure.
The company expects a valuation of $10-13 billion at the time of its public listing.
Book running lead managers include major firms like Kotak Mahindra Capital, J.P. Morgan, and Citigroup.
A pre-IPO placement option of up to Rs 750 crore remains available prior to the final filing.

Swiggy aims to compete directly with rival Zomato, which has a market cap of approximately $30 billion.
The deal structure includes a secondary sale by investors, indicating partial exit opportunities for early backers.
The company is using the proceeds to strengthen its financial position and expand its dark store network.

Swiggy operates a unified app serving as a consumer-first technology convenience platform.
Its core verticals include Food Delivery, Instamart for grocery and household items, and Dineout for restaurant reservations.
Additional services cover event bookings via SteppinOut, pick-up and drop-off through Genie, and hyperlocal commerce via Swiggy Minis.
The company relies on an on-demand delivery partner network to fulfill orders across its various service categories.
Q1 FY25 revenue reached Rs 3,222.2 crore, showing a 35% year-on-year growth from the previous year.
Full fiscal year 2024 revenue was Rs 11,247 crore, marking a 36% increase from the prior fiscal year.
Despite revenue growth, the company reported a net loss of Rs 611 crore in Q1 FY25.
The annual loss for FY24 decreased by 44% to Rs 2,350 crore compared to the previous year.

The company may utilize the pre-IPO placement option if deemed necessary before listing.
Proceeds will be deployed to expand the Instamart dark store network and lease payments.

Prosus (seller) — Existing shareholder selling shares in the offer for sale component.
Accel India (seller) — Existing shareholder selling shares in the offer for sale component.

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