Swiggy has gotten shareholder permission for a $1.25 billion IPO, according to regulatory filings with India's Ministry of Corporate Affairs.
Swiggy plans to raise up to Rs 3,750 crore ($450.01 million) by issuing new shares through the IPO. Additionally, some current owners want to sell shares worth Rs 6,664 crore ($799.67 million).
The consent and approval of the company's shareholders be and is hereby given to create, issue, offer, allot, and/or transfer of its equity shares up to an aggregate of Rs 37,501 million by way of a fresh issue of equity shares and an offer for sale of such number of equity shares up to an aggregate amount of Rs66,640 million by certain existing shareholders, the filing stated.
A special resolution adopted at the April 23 extraordinary general meeting (EGM) granted the consent of the shareholders. During the EGM, Swiggy also named co-founders Sriharsha
Majety and Nandan Reddy executive directors.
A date for the IPO was not stated in the regulatory filing. The primary rival of Swiggy, Zomato, went public in 2021.
According to a January Bernstein research, Zomato held a dominant 54% share of the food delivery industry by gross merchandise value in the first half of 2023, with Swiggy taking the remaining portion.
Prosus, Accel, SoftBank, and Invesco are a few of the investors in Swiggy. In 2022, the firm raised $700 million, bringing its worth to $10.7 billion. According to an internal document, Swiggy reported a $200 million loss for the nine months ending in December 2023 versus $1.02 billion in revenue, as reported by Reuters.
