According to a report shareholders of Bengaluru-based Swiggy have given their approval for the company’s initial public offering (IPO), as stated in regulatory filings. Swiggy, a prominent player in the food and grocery delivery sector, aims to raise up to ₹3,750 crore ($450 million) in fresh capital through the IPO, along with an offer-for-sale (OFS) component worth up to ₹6,664 crore ($800 million).
The filing, the consent and approval of the shareholders of the company be and is hereby according to create, issue, offer, allot and/or transfer of its equity shares up to an aggregate of ₹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 ₹66,640 million by certain existing shareholders…”. Additionally, Swiggy is reportedly seeking approximately ₹750 crore from anchor investors in a pre-IPO round.
Swiggy is yet to submit its IPO filings to the Securities and Exchange Board of India (SEBI), the country’s capital markets regulator. The special resolution for the IPO was passed during Swiggy’s extraordinary general meeting (EGM) held on April 23.
Regarding shareholding pattern, Dutch-listed Prosus holds a 33% stake in Swiggy, making it the company’s top investor, followed by SoftBank. Other notable shareholders include Tencent, Accel, Elevation Capital, Meituan, Norwest Venture Partners, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Hillhouse Capital Group, and GIC.
According to data platform Tracxn, Swiggy’s co-founders Sriharsha Majety, Nandan Reddy, and Rahul Jaimini own 4.2%, 1.6%, and 1.2% of the company, respectively. Jaimini transitioned from his operations role at Swiggy to work for Pesto Tech, a new startup, in 2020, as per the report.
In terms of financials, Swiggy reported revenue of ₹8,265 crore for the fiscal year ending March 2023, marking a 45% increase over FY22. However, its net loss also grew by 15% to ₹4,179 crore during the same period, as per report.
