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Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue

EntrackrEntrackr · 10m ago
Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue
Medial

Swiggy, the food delivery and quick commerce firm, is set to raise Rs 5,000 crore ($602 million) in a fresh issue as part of its initial public offering (IPO). The Prosus-funded company has already targeted Rs 6,664 crore through an offer for sale (OFS), with plans to seek board approval for the OFS in the first week of next month. According to an internal document accessed by Entrackr, Swiggy’s board has passed a special resolution to issue equity shares worth up to Rs 5,000 crore, subject to shareholder approval at a meeting (EGM) on October 3. Swiggy’s IPO has been anticipated since the company filed draft papers confidentially in April. Reports suggest the firm has also received shareholder approval to raise Rs 10,400 crore in total (Rs 3,750 crore via a fresh issue and Rs 6,664 crore through an OFS). However, Swiggy’s IPO size may vary, as the fresh issue mentioned in the latest resolution is 1.3X larger than the previously estimated Rs 3,750 crore. The Bengaluru-based company is expected to file its draft red herring prospectus (DRHP) with SEBI soon. Queries sent to Swiggy did not elicit a response by the time of publication. Ahead of the IPO, Swiggy secured strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites. Meanwhile, investor Baron Capital recently valued Swiggy at $14.5 billion. The food tech firm demonstrated strong financial growth with 36% year-on-year growth in revenue to Rs 11,247 crore in FY24 and cut its losses by 44% to Rs 2,350 crore in the same period. Swiggy’s food business contributed Rs 6,100 crore to its overall income, while its quick commerce arm, Instamart, generated Rs 1,100 crore in gross revenue in FY24. To compete with rivals like Zepto and Zomato’s Blinkit, Swiggy invested $700 million in quick commerce in December 2021. Last month, the Sriharha Majety-led firm also roped in a new chief executive and new chief operating officer for Instamart. Following a series of startup IPOs from Delhi NCR, Bengaluru is catching up in 2024. A few city-based companies, including Digit Insurance and Ola Electric, have already made their stock exchange debuts this year. Besides Swiggy, Bengaluru-based Ather Energy also submitted its draft IPO papers on Monday, with its largest stakeholder, Hero MotoCorp, opting not to participate in the OFS.

Swiggy expands ESOP pool with Rs 150 Cr fresh grant

EntrackrEntrackr · 15h ago
Swiggy expands ESOP pool with Rs 150 Cr fresh grant
Medial

Swiggy expands ESOP pool with Rs 150 Cr fresh grant Food delivery and quick commerce platform Swiggy has rolled out fresh employee stock option (ESOP) grants worth Rs 150 crore ($17.5 million). Swiggy Limited has granted 38.86 lakh stock options under its ESOP 2024 plan, according to filings with the NSE. At the current market price of Rs 385.3 per share, the grant is valued at around Rs 150 crore. As per the disclosure, the stock options have an exercise price of Rs 1 each and convert into one fully paid-up equity share upon vesting. They can be exercised anytime after the vesting period until the company’s liquidation. The development comes a month after, when Swiggy entered the travel concierge and lifestyle management space with a new app called Crew. Entrackr has exclusively reported the development. In April this year, the Bengaluru-based company announced fresh employee stock options under its ESOP plan 2024 for eligible employees worth Rs 443.4 crore (around $52 million). Swiggy’s losses surged 95% year-on-year to Rs 1,081 crore in the fourth quarter of FY25, even as revenue rose 45% to Rs 4,410 crore. For the full fiscal year, the company reported Rs 15,227 crore in revenue. In contrast, rival Zomato remained profitable with Rs 39 crore during the last quarter of the previous fiscal year (Q4FY25), while Zepto narrowed its losses to Rs 1,248 crore in FY24. At the close of trading on Friday (July 11, 2025), Swiggy’s shares were priced at Rs 385.3, and the company had a market capitalization of Rs 96,080 crore (around $11.3 billion).

Baron Capital values Swiggy at $14.7 Bn

EntrackrEntrackr · 10m ago
Baron Capital values Swiggy at $14.7 Bn
Medial

US Investor Baron Capital has valued food-tech company Swiggy at $14.74 billion as of June 2024, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is nearly 2.6% down from its last $15.1 billion valuation estimates by Baron Capital in March. The valuation dip in June appears to be a result of rupee depreciation. This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via a confidential route in May. The food tech company will raise up to Rs 3,750 crore ($450 million) via fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million) in its initial public offering. Swiggy recorded Rs 5,476 crore in revenue from operations and a Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and a secondary pitch by the company in April. Ahead of the IPO, Swiggy also rolled out its fifth ESOP liquidity programme worth $65 million in July. It claims to have enabled over Rs 1,000 Cr of ESOPs liquidity over the five events which benefited 3,200 employees. Swiggy’s rival Zomato is currently valued at $28.3 billion, as per stock exchange data. The Deepinder Goyal-led firm posted Rs 4,206 crore in revenue with Rs 253 crore in profits in the first quarter of FY24. According to the UBS report, Zomato’s order growth increased by 1.6% MoM in July while Swiggy’s order growth decreased by 4.6%. On a year-on-year basis, Zomato registered 29% growth as compared to 11% growth by Swiggy.

Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant

EntrackrEntrackr · 16d ago
Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant
Medial

Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant Omnichannel jewellery retailer Bluestone has expanded its existing ESOP plan to $80 million by adding additional employee stock options for its employees. The board at Bluestone has passed a resolution for approval to add 42,43,312 employee stock options to its existing plan, bringing the total ESOP pool to 1,17,27,642 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. According to Entrackr’s estimates, the newly added ESOPs are worth around Rs 245 crore or around $29 million. Out of the newly added stock options, Rs 92.6 crore ($11 million) will be granted to the company’s Chief Operating Officer (COO), Sudeep Nagar. This addition brings the total value of Bluestone’s ESOP pool to Rs 678 crore or around $80 million. Notably, these valuations are based on the company's last funding round, where it raised around Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary. Ahead of Bluestone’s IPO, Global consumer internet group Prosus values the company at $950 million, just shy of unicorn status ahead of its IPO. Prosus has valued its stake in BlueStone at $42 million, as per its latest annual report. The stake, held through its fund MIH Investments One B.V., represents a 4.43% ownership in the jewellery brand. As per ET report, Bluestone is all set to join the unicorn status with secondary transactions worth Rs 300-350 crore by private wealth management arms of 360 One and Centrum Wealth. This will value the company at $1.2 billion. In December 2024, Bluestone filed its draft red herring prospectus (DRHP) with SEBI for an IPO, comprising a fresh issue of equity shares worth up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore shares, allowing a full exit for Samma Capital, IvyCap Ventures, and Kalaari Capital. Founded in 2011, omnichannel jewellery brand BlueStone offers high-value gold and diamond jewellery, including rings, pendants, chains, and earrings, through its retail stores and online platform. As per its DRHP, the company operates over 203 stores across 86 cities. BlueStone has raised around $262 million across multiple funding rounds from investors such as Accel, Prosus, Peak XV Partners, 360 One, Kalaari Capital, and others, according to startup data intelligence platform TheKredible. In FY24, BlueStone’s revenue grew 64% year-on-year to Rs 1,266 crore, up from Rs 771 crore in FY23. The company also trimmed its losses by 15% during the same period, bringing them down to Rs 142 crore.

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