Swiggy plans to raise Rs. 3,750 crore via IPO to streamline Quick Commerce segment
The Securities and Exchange Board of India (SEBI) has received draft documents from food and grocery delivery service Swiggy, which aims to raise money through an initial public offering (IPO).
Through the offer-for-sale method, current owners would sell up to 18.53 crore equity shares, helping the firm raise Rs.3,750 crore.
Tencent Europe and Accel India, two current shareholders, will sell 63.27 lakh and 1.05 crore equity shares, respectively.
Apoletto Asia Ltd. (up to 16.97 lakh shares); Alpha Wave Ventures, LP (55.73 lakh shares); Coatue PE Asia XI LLC (38.85 lakh shares); and DST EuroAsia V B.V. (56.21 lakh equity shares) are among the other corporate shareholders that intend to sell shares.
Furthermore, up to 73.96 lakh, 67.47 lakh, 11.82 crore, and 64.06 lakh shares will be sold by Elevation Capital V Ltd., Inspired Elite Investments Ltd., MIH India Food Holdings B.V., and Norwest Venture Partners VIIA-Mauritius, in that order.
During the initial three quarters of the 2024 fiscal year, the corporation declared Rs.5,476 crore in sales and Rs.1,600 crore in loss.
Prosus, an investment organization, and SoftBank, a Japanese company, support Swiggy, which is in competition with Zomato in India's online restaurant and cafe food delivery market.
The meal delivery business reported a net loss of Rs.2,350 crore for the most recent fiscal year (FY24). Nonetheless, the business's net loss was cut by 44% from Rs.4,179 crore in FY23.
According to an IANS report, the company's revenue increased by 36% to Rs.11,247 crore in FY24 from Rs.8,265 crore the year before.
Funding roundSwiggy recorded a gross order value (GOV) of $4.2 billion, a 26% YoY increase, with around 14.3 million users transacting on the platform each month.
The company's FY24 financial report states that "since the peak of investments in Instamart is behind us and the firm continues to grow fast," profitability has significantly increased year over year.
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Through the offer-for-sale method, current owners would sell up to 18.53 crore equity shares, helping the firm raise Rs.3,750 crore.
Tencent Europe and Accel India, two current shareholders, will sell 63.27 lakh and 1.05 crore equity shares, respectively.
Apoletto Asia Ltd. (up to 16.97 lakh shares); Alpha Wave Ventures, LP (55.73 lakh shares); Coatue PE Asia XI LLC (38.85 lakh shares); and DST EuroAsia V B.V. (56.21 lakh equity shares) are among the other corporate shareholders that intend to sell shares.
Furthermore, up to 73.96 lakh, 67.47 lakh, 11.82 crore, and 64.06 lakh shares will be sold by Elevation Capital V Ltd., Inspired Elite Investments Ltd., MIH India Food Holdings B.V., and Norwest Venture Partners VIIA-Mauritius, in that order.
During the initial three quarters of the 2024 fiscal year, the corporation declared Rs.5,476 crore in sales and Rs.1,600 crore in loss.
Prosus, an investment organization, and SoftBank, a Japanese company, support Swiggy, which is in competition with Zomato in India's online restaurant and cafe food delivery market.
The meal delivery business reported a net loss of Rs.2,350 crore for the most recent fiscal year (FY24). Nonetheless, the business's net loss was cut by 44% from Rs.4,179 crore in FY23.
According to an IANS report, the company's revenue increased by 36% to Rs.11,247 crore in FY24 from Rs.8,265 crore the year before.
Funding roundSwiggy recorded a gross order value (GOV) of $4.2 billion, a 26% YoY increase, with around 14.3 million users transacting on the platform each month.
The company's FY24 financial report states that "since the peak of investments in Instamart is behind us and the firm continues to grow fast," profitability has significantly increased year over year.
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