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Swiggy gears up for IPO: Food aggregator converts to public limited company

Livemint

Livemint · 1y ago

Swiggy gears up for IPO: Food aggregator converts to public limited company

Swiggy, the food delivery and quick-commerce platform, has converted to a public limited company as it prepares for an IPO later this year. The company's holding company has been renamed 'Swiggy Limited' in anticipation of going public. Swiggy is expected to file its draft red herring prospectus in the coming months and aims to raise around $1 billion through the IPO by the end of 2024. Swiggy's decision to go public reflects the trend of other internet companies in India seeking to list on public exchanges. The company is focused on improving its financial performance and reducing cash burn ahead of the IPO.

Related News

IPO-Bound Swiggy Turns Into A Public Company

Inc42 · 1y ago

IPO-Bound Swiggy Turns Into A Public Company

Indian food delivery giant Swiggy has converted from a private limited company to a public limited company, a move that prepares it for an anticipated $1bn IPO. The company has changed its name from Swiggy Private Limited to Swiggy Limited. This conversion will allow Swiggy to raise funds from the public through an IPO. Swiggy has also recently appointed FMCG veteran Anand Kripalu as an independent director and chairperson of its board of directors, signaling its IPO preparations. In FY23, the company recorded a net loss of INR 4,179.3 crore ($581m), while its operating revenue surged to INR 8,264.4 crore ($1.15bn).

Swiggy converts to public limited company ahead of IPO

Economic Times

Economic Times · 1y ago

Swiggy converts to public limited company ahead of IPO

Indian food delivery company Swiggy has converted itself into a public limited company, changing its name from Swiggy Private Limited to Swiggy Limited. This move is seen as a preparation for its expected initial public offering (IPO) later this year, which is estimated to be worth around $1 billion. Swiggy is joining several other technology companies in India that have recently filed for IPOs, including Ola Electric, FirstCry, Awfis, and Honasa Consumer. The company is also working on improving its financials, such as reducing cash burn and losses.

Swiggy gets a valuation mark-up from an investor ahead of IPO

VCCircle

VCCircle · 9m ago

Swiggy gets a valuation mark-up from an investor ahead of IPO

Food delivery and essentials aggregator, Swiggy, is expecting to raise $1.4 billion in its upcoming IPO. Ahead of this, one of its existing investors has marked up the company's valuation. Swiggy is aiming for one of the biggest new-age IPOs and is looking to secure a significant amount of funding in the process.

Swiggy likely to take confidential filing route for IPO

The Arc Web

The Arc Web · 1y ago

Swiggy likely to take confidential filing route for IPO

Indian food delivery giant, Swiggy, is reportedly considering a confidential or pre-filing route to submit its IPO documents to the Securities and Exchange Board of India (SEBI). This option, introduced by SEBI in 2022, allows companies to protect their proprietary business information until they receive approval for a public offering. Swiggy's move follows recent preparations for a public listing, such as appointing a new independent director and converting from a private limited company to a public limited one. However, the company is still experiencing losses in its instant grocery business, Instamart, and trails behind competitor Zomato in food and grocery delivery. Swiggy is seeking a valuation between $12-15 billion, while Zomato's valuation recently reached $20 billion.

IPO-bound Swiggy converts itself into a public entity

Entrackr

Entrackr · 1y ago

IPO-bound Swiggy converts itself into a public entity

Foodtech and quick commerce decacorn Swiggy has converted into a public entity, as per the resolution passed by the board of directors of the company with the Registrar of Companies. This marks the company’s concrete step towards a definitive IPO plan in the second half of this year. The name of the holding company has been changed from Swiggy Private Limited to Swiggy Limited. In February, Bundl Technologies Private Limited changed its name to Swiggy Private Limited. The company said that will help it to establish greater proximity and identification of the company’s corporate name with the company’s core brand. Swiggy has been readying itself for public listing for quite some time and the Bengaluru-based firm may file IPO papers soon. As per media reports, the company will seek a valuation in the range of $12-15 billion. The firm recently appointed Suparna Mitra as an independent director to its board. While Swiggy claimed that its food delivery business turned profitable as of March 2023, the firm reported Rs 4,179 crore in overall loss during FY23. Moreover, the company booked Rs 5,476 crore in revenue from operations during the first three quarters of the financial year FY24 and recorded $200 million (approximately Rs 1,600 crore) loss for the nine months. Entrackr had exclusively reported about Swiggy’s financial three quarters (FY24) numbers in the last week of March. Last month, US-based asset management firm Baron Capital marked up the valuation of Swiggy to $12.1 billion up from $10.7 billion during the last fundraise in January 2022. It’s one of the few IPO-bound companies that saw back to back valuation markup by early investors.

Zomato CEO Deepinder Goyal’s advice to Swiggy: ‘Competent people can’t recognise they are complacent, don’t…’

Livemint

Livemint · 8m ago

Zomato CEO Deepinder Goyal’s advice to Swiggy: ‘Competent people can’t recognise they are complacent, don’t…’

Food delivery aggregator Swiggy recently had its successful IPO, making hundreds of its employees "crorepatis" with their holdings now worth crores of rupees. Zomato CEO Deepinder Goyal, offering perspective as his company went public earlier this year, warned about the unintended consequences of sudden wealth. Goyal highlighted the potential for complacency and a slowdown in innovation among employees who became financially secure. Despite this, Zomato's food delivery CEO, Rakesh Ranjan, expressed optimism about the industry's future, stating that increased competition, such as Swiggy's IPO, would foster innovation and overall growth.

Swiggy taps fresh talent for Instamart as it gears up for public listing

YourStory

YourStory · 1y ago

Swiggy taps fresh talent for Instamart as it gears up for public listing

IPO-bound food delivery giant Swiggy has made key executive appointments ahead of its public listing. Himavant Srikrishna Kurnala, previously CPO for JioMart, has been appointed as SVP and Product Head for Instamart, Swiggy's quick commerce offering. Mayank Rajvaidya, formerly with Amazon, has been appointed as VP of Fruits and Vegetables, and Manu Sasidharan, with experience in Flipkart and Cleartrip, has been appointed as Associate VP of the FMCG category. Swiggy is also focusing on profitability, with recent increases in platform fees in certain markets.

Swiggy secures shareholder nod for a potential $1.2 billion IPO

Economic Times

Economic Times · 1y ago

Swiggy secures shareholder nod for a potential $1.2 billion IPO

Indian food delivery company Swiggy has gained approval from its shareholders to proceed with its initial public offering (IPO). The company aims to raise up to INR 3,750 crore ($450 million) through a fresh capital injection, along with an offer-for-sale (OFS) component of up to INR 6,664 crore ($800 million). Swiggy plans to secure around INR 750 crore from anchor investors before filing its IPO documents with the country's capital markets regulator. Prosus is the largest investor in Swiggy, holding a 33% stake, followed by SoftBank. Swiggy reported a 45% YoY revenue increase in fiscal year 2022-23, but net losses also rose by 15%.

Zomato rival Swiggy changes its registered name ahead of IPO launch: Report

IndianStartupNews

IndianStartupNews · 1y ago

Zomato rival Swiggy changes its registered name ahead of IPO launch: Report

Food delivery giant Swiggy, previously known as Bundl Technologies Private Limited, has passed a special resolution to change its name to Swiggy Private Limited. The move aims to align the company's corporate identity with its popular brand as it prepares for its upcoming IPO. Swiggy plans to raise around $1 billion through the IPO and has reported a 45% increase in revenue, reaching over $1 billion. The company has also implemented operational adjustments, including reducing its workforce to optimize costs and improve profitability.

Ahead Of IPO, Swiggy Gets Valuation Mark Up From Invesco Again

Inc42 · 1y ago

Ahead Of IPO, Swiggy Gets Valuation Mark Up From Invesco Again

Invesco, a US-based fund manager, has increased Swiggy's fair value by 19% to $12.7 billion in preparation for the company's upcoming IPO. This marks the third time Invesco has raised Swiggy's valuation, following two previous decreases. In 2022, Invesco led a $700 million funding round for Swiggy, which resulted in the food delivery company being valued at $10-11 billion. Swiggy plans to change its name from "Swiggy Private Limited" to "Swiggy Limited" to facilitate fundraising, including through an IPO with an expected issue size of $1 billion. However, the company reported a loss of $207 million in the first nine months of FY24.

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