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The Crucial Five: Decoding Swiggy’s Roadmap To A Blockbuster $1.2 Bn Public Listing

Inc42Inc42 · 1y ago
The Crucial Five: Decoding Swiggy’s Roadmap To A Blockbuster $1.2 Bn Public Listing
Medial

Swiggy, the Bengaluru-based foodtech major, is preparing for a $1.2 billion IPO and is in discussions to enter the B2B space to boost its revenue streams. Industry experts suggest that Swiggy should target a modest valuation, similar to its last funding round, rather than aiming for a high valuation. Swiggy could tap into foreign institutional investors' capital and leverage Zomato's successful IPO to secure a healthy stock market debut. The quick commerce vertical, which includes Swiggy's Instamart, is also expected to contribute to Swiggy's growth and revenue. Additionally, Swiggy is exploring opportunities in the B2B sector and expanding its offerings beyond food delivery.

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Baron Capital values Swiggy at $14.7 Bn

EntrackrEntrackr · 1y 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.

Sumer Juneja and Anand Daniel resign from Swiggy board, Faraz Khalid joins

EntrackrEntrackr · 1m ago
Sumer Juneja and Anand Daniel resign from Swiggy board, Faraz Khalid joins
Medial

Sumer Juneja and Anand Daniel resign from Swiggy board, Faraz Khalid joins Sumer Juneja from SoftBank and Anand Daniel from Accel have resigned from their roles as nominee directors on Swiggy’s board. Following these departures, Swiggy has appointed Faraz Khalid, CEO of Middle East commerce platform noon, as an independent director. The changes come as part of a major revamp in the company’s board makeup after its public listing. The appointments and resignations were finalized at a board meeting held on July 25. Faraz Khalid’s appointment is subject to shareholder approval and he will serve a five-year term on the board. Khalid brings experience in e-commerce, quick commerce, and food delivery. He co-founded Namshi and helped noon become a key player in the Middle East and North Africa region. Meanwhile, Swiggy has reappointed Shailesh Vishnubhai Haribhakti as a non-executive independent director for a second consecutive term of five years. The reappointment will take effect from January 24, 2026. Haribhakti, a veteran chartered accountant and cost accountant with over five decades of industry experience, also serves as chairman of Shailesh Haribhakti & Associates and vice chairman of GovEVA Consulting. The move is part of ongoing efforts by Swiggy to strengthen governance standards following its public listing. While Swiggy is yet to file its Q1 FY26 results, it reported a 45% year-on-year revenue growth to Rs 4,410 crore in the previous quarter, with losses widening to Rs 1,081 crore. Meanwhile, rival Zomato’s parent company, Eternal, reported Q1 FY26 revenue of Rs 7,167 crore. At the close of today’s trading session, Swiggy’s shares were priced at Rs 408.3 and the company had a market capitalization of Rs 1,01,815.6 crore (around $11.9 billion).

Invesco marks up Swiggy’s valuation to $12.7 Bn

EntrackrEntrackr · 1y ago
Invesco marks up Swiggy’s valuation to $12.7 Bn
Medial

Swiggy has once again witnessed a valuation mark up to $12.7 billion by US-based investor Invesco. This is second markup in its value by Invesco and overall third for the Bengaluru-based foodtech decacorn. This is an 18% jump in the valuation of Swiggy compared to its last equity round in January 2022. Earlier, Invesco marked up Swiggy’s valuation to $8.3 billion in January whereas US-based asset management firm Baron Capital increased the firm’s valuation to $12.1 billion in March this year. ET reported the development first citing US Securities and Exchange Commission filings. The increase in fair market value comes at a time when Swiggy is preparing for initial public offering (IPO). As per Entrackr’s sources, the company may file IPO papers in the second half of 2024. On Monday, the firm converted itself into a public entity. Entrackr exclusively reported the development. Besides Swiggy, Meesho, PineLabs, FirstCry and Ola Electric have also seen markups in their valuation in the last six months. Significantly, all these companies are preparing to go public in this or early next year. This is a developing story…

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