Swiggy received approval from its shareholders for its initial public offering (IPO). The company plans to raise up to Rs 3,750 crore (USD 450 million) in fresh capital, along with an offer-for-sale (OFS) component of up to Rs 6,664 crore (USD 800 million).
The IPO is part of a trend among new-age startups preparing to go public, including companies like Firstcry, Ola Electric and Awfis.
Dutch-listed Prosus is the largest investor in Swiggy with a 33 per cent stake, followed by SoftBank. Other major shareholders include Accel, Elevation Capital, Meituan, Norwest Venture Partners, Tencent, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Hillhouse Capital Group and GIC.
The company’s founders, Sriharsha Majety, Nandan Reddy and Rahul Jaimini, hold 4 per cent, 1.6 per cent and 1.2 per cent stake, respectively. In the fiscal year ended March 2023, Swiggy reported revenue from operations of Rs 8,265 crore, with a 45 per cent increase from the previous year. However, its net loss also increased by 15 per cent to Rs 4,179 crore.
Invesco and Baron Capital increased the valuation of the company to USD 12.7 billion and USD 12.1 billion, respectively, in recent reports.
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