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19 Nov 2024
Bengaluru-based Swiggy has received a go-ahead from its shareholders for its initial public offering (IPO), as per regulatory filings. The food and grocery delivery company plans to raise up to Rs 3,750 crore ($450 million) in fresh capital, in addition to an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million), according to filings made with the Registrar of Companies.
Swiggy, which is yet to file its IPO documents with the country’s capital markets regulator Securities ..
“...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 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 Rs 66,640 million by certain existing shareholders…,” the filing read.
The special resolution was passed at an extraordinary general meeting (EGM) of Swiggy’s sharehold ..
Dutch-listed Prosus is the largest investor in Swiggy with a 33% stake in the company followed by SoftBank. Other 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 cofounders Sriharsha Majety, Nandan Reddy and Rahul Jaimini hold 4%, 1.6% and 1.2% stake, respectively, as per data platform Tracxn. Jaimini left his operational role in 2020 to join another venture–Pesto Tech.
In the April 23 EGM, Majety and Reddy were appointed executive directors of the company. Majety was designated as managing director and group CEO, while Reddy was named whole-time director and head of innovation.
A Swiggy spokesperson did not respond to queries at the time of publishing the story.
During the fiscal year ended March 2023, Swiggy reported revenue from operations of Rs 8,265 crore, a 45% jump from FY22, while its net loss also increased 15% to Rs 4,179 crore.
ET reported on April 9 that Invesco, which had led Swiggy’s $700 million round in January 2022, marked up the valuation of the company to $12.7 billion. Baron Capital – another Swiggy investor – had also increased the company’s fair value in its books to $12.1 billion last month.
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