📈 Swiggy's IPO Filing
Swiggy, the Indian food and grocery delivery giant, has filed for an initial public offering (IPO) through a confidential route. The filing, confirmed by Norwest Venture Partners, occurred more than two weeks ago. The Bengaluru-based startup aims to raise ₹10,414 crore ($1.2 billion) from the public markets. This amount includes a fresh issue of shares worth ₹3,750 crore and a stake sale by existing investors amounting to ₹6,664 crore.
🏢 Company Background
Founded on August 1, 2014, by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, Swiggy has grown into a household name in India. The company, which recently turned profitable, reported a revenue of ₹8,265 crore in FY23. More than 82% of this revenue came from its food delivery service, with the remaining from its quick commerce venture, Instamart. Swiggy's last reported valuation was $12.7 billion in April 2024.
👥 Shareholder Approval
Swiggy has received shareholder approval to raise ₹10,414 crore through its IPO. The funds will support its growth and expansion plans. Niren Shah, Managing Director and India Head at Norwest Venture Partners, expressed excitement about the IPO, stating, "It is an anticipated IPO, and it's a household name. I am waiting for this blockbuster to come out." The approval of SEBI, the market regulator, is now awaited.
💼 Investor Insights
Swiggy's shareholders, including founders Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, who hold 4%, 1.6%, and 1.2% stakes respectively, are keenly watching the IPO process. The startup has come a long way in nearly a decade, turning its first venture, the food delivery unit, profitable. The IPO filing and SEBI's subsequent approval are critical milestones for Swiggy's journey ahead.
Will Swiggy's IPO be the next big thing in the market?
