Swiggy, the food delivery and quick commerce company, is set to raise Rs.5, 000 crore ($602 million) in a new issue as a part of its first sale of stock (Initial public offering). The Prosus-invested organization has previously designated Rs.6, 664 crore through a (OFS), with plans to look for board endorsement for the OFS in the principal seven day stretch of the following month.

Entrackr was able to access an internal document that stated that Swiggy's board of directors has approved a special resolution to issue equity shares for up to Rs.5, 000 crore, subject to shareholder approval at an October 3 EGM. Swiggy's Initial public offering has been expected since the organization documented draft papers secretly in April. The company is also said to have received shareholder approval to raise a total of Rs 10,400 crore (Rs 3,750 crore through a fresh issue and Rs.6, 664 crore through an OFS), according to reports.

In any case, Swiggy's Initial public offering size might fluctuate, as the new issue referenced in the most recent goal is 1.3X bigger than the recently assessed Rs 3,750 crore. The company with its headquarters in Bengaluru is anticipated to soon submit its draft red herring prospectus (DRHP) to SEBI. By the time this article was published, inquiries sent to Swiggy had not received a response. In front of the Initial public offering, Swiggy got key speculations from Amitabh Bachchan's Family Office and Hindustan Composites. In the interim, financial backer Nobleman Capital as of late esteemed Swiggy at $14.5 billion. The food tech firm areas of strength for exhibited development with 36% year-on-year development in income to Rs 11,247 crore in FY24 and cut free by 44% to Rs 2,350 crore in a similar period. Swiggy's food business contributed Rs 6,100 crore to its general pay, while its speedy trade arm, Instamart, created Rs 1,100 crore in gross income in FY24.

To cope with up the competitors like Zepto and Zomato's Blinkit, Swiggy put $700 million in fast business in December 2021. Last month, the Sriharha Majety-drove firm likewise roped in another CEO and new head working official for Instamart. In 2024, Bengaluru is catching up to Delhi NCR after a string of startup IPOs. A couple of city-based organizations, including Digit Insurance and Ola Electric, have proactively made their stock trade makes a big appearance this year. Other than Swiggy, Bengaluru-based Ather Energy additionally presented its draft Initial public offering papers on Monday, with its biggest partner, Legend MotoCorp, selecting not to take part in the OFS.