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After Big B, Hindustan Composites Picks Up Stake In Swiggy

Inc42 · 11m ago

After Big B, Hindustan Composites Picks Up Stake In Swiggy

Hindustan Composites has announced plans to acquire 150,000 shares of Swiggy for INR 5.1 crore in an all-cash deal. The company has invested in Swiggy with hopes of gaining long-term or short-term profits from the upcoming IPO. Swiggy is preparing for its IPO, expected to be valued at $15 billion, with a fundraising target of $1 billion to $1.2 billion.

Related News

Modern Insulators Buys Swiggy Shares Worth INR 5 Cr Ahead Of IPO

Inc42 · 11m ago

Modern Insulators Buys Swiggy Shares Worth INR 5 Cr Ahead Of IPO

Modern Insulators will acquire 1.38 Lakh shares of Swiggy for INR 360 apiece, totaling INR 4.99 Cr. Hindustan Composites recently announced its plan to acquire a 0.01% stake in Swiggy for INR 5.17 Cr. Swiggy is currently preparing to file its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO valued at over $1 billion.

Hindustan Composites invests Rs 5.2 crore in Swiggy

Economic Times

Economic Times · 11m ago

Hindustan Composites invests Rs 5.2 crore in Swiggy

Automobile materials manufacturer Hindustan Composites Ltd has invested Rs 5.17 crore in Swiggy. The company purchased 1.5 lakh shares of Swiggy, joining other investors in the food delivery and quick-commerce major. Swiggy has filed for a $1.25 billion IPO and has received investments from Amitabh Bachchan's family office and Raamdeo Agrawal, among others. The valuation of Swiggy has reportedly reached $11.5 billion, with the latest investment round valuing it at $10.7 billion. Hindustan Composites' investment further strengthens Swiggy's position in the market.

Amitabh Bachchan’s Family Office Picks Up Minority Stake In Swiggy

Inc42 · 12m ago

Amitabh Bachchan’s Family Office Picks Up Minority Stake In Swiggy

Amitabh Bachchan's family office has acquired a minority stake in foodtech company Swiggy by purchasing shares from employees and early backers. Raamdeo Agrawal, the chairman of Motilal Oswal Financial Services, has also reportedly bought a stake in Swiggy. Swiggy recently appointed four new vice presidents to strengthen its quick commerce business, Instamart.

Govt to take decision on Hindustan Zinc OFS after testing market: Mines Secretary

Money Control

Money Control · 1y ago

Govt to take decision on Hindustan Zinc OFS after testing market: Mines Secretary

The Indian government is considering selling its stake in Hindustan Zinc through an offer for sale (OFS) after testing the market, according to Mines Secretary V L Kantha Rao. The government currently owns a 29.54% stake in the Vedanta group firm. The decision comes after the mines ministry rejected Hindustan Zinc's demerger plan. The company had planned to spin off its businesses into separate entities to increase its market capitalisation. The government was given permission by the Supreme Court in 2021 to disinvest its remaining stake in Hindustan Zinc in the open market.

Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%

Entrackr

Entrackr · 11m ago

Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%

Swiggy has demonstrated strong financials ahead of its initial public offering (IPO). The Bengaluru-based firm reported a 36% jump in its operating revenue to Rs 11,247 crore in FY24, according to documents shared with its investors. Swiggy has also managed to reduce its losses by 44% to Rs 2,350 crore in the last fiscal year. The company’s revenue stood at Rs 5,476 crore in the first three quarters of FY24 with Rs 1,600 crore loss. It’s worth noting that these numbers aren’t audited. The Arc reported the development first. Swiggy said that its food delivery business grew 17% to Rs 6,100 crore while its quick commerce vertical Instamart registered Rs 1,100 crore gross revenue in the last fiscal year (FY24). When compared, Zomato’s overall revenue in FY24 jumped 71% to Rs 12,114 crore. This includes Rs 6,161 crore from the food business and Rs 2301 crore via the grocery business (Blinkit). Swiggy was neck and neck with Zomato in terms of food delivery whereas it was way behind in terms of grocery business. Unlike Swiggy, Zomato reported Rs 351 crore net profit in FY24 and the profitability also continued in the first quarter of FY25. For context, Blinkit had the highest market share among quick commerce players as of July, according to consulting firm USB. Swiggy Instamart was in second position followed by Zepto and BigBasket. Swiggy raised its last equity round in January 2022 when it also entered the decacorn club. Recently, it received strategic investments from Amitabh Bachchan Family’s office and Hindustan Composites. Swiggy reportedly filed IPO papers via a confidential route in May to raise up to Rs 3,750 crore ($450 million) via a fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million). The firm will soon file draft IPO papers with SEBI.

Baron raises Swiggy stake's value to $87 mn, values startup at $12 bn

Inshorts · 1y ago

Baron raises Swiggy stake's value to $87 mn, values startup at $12 bn

US-based Baron has marked up the value of its stake in IPO-bound Swiggy to $87.2 million. Baron had bought its stake in Swiggy for $76.7 million in early 2022. The valuation mark-up indirectly ascribes a value of $12.16 billion to Swiggy, which is yet to attain profitability and saw a 45% YoY rise in revenue to ₹8,625 crore in FY23.

Big B’s family office picks up small stake in Swiggy

Economic Times

Economic Times · 12m ago

Big B’s family office picks up small stake in Swiggy

Bollywood actor Amitabh Bachchan's family office has acquired a small stake in Swiggy, a food delivery and quick-commerce company. Motilal Oswal Financial Services chairman Raamdeo Agrawal has also invested in Swiggy and Zepto, highlighting the growing interest in the quick-commerce sector. Swiggy is preparing for a $1.25 billion IPO, while Zepto is finalizing a $300-350 million funding round. Secondary share sales have assigned a valuation of around $10-11 billion to Swiggy. The quick-commerce sector is gaining attention due to the success of competitors like Zomato and the growth of their Blinkit platform.

Vedanta to offload Rs 7,500 cr worth stake in Hindustan Zinc via block deals: Report

Economic Times

Economic Times · 2m ago

Vedanta to offload Rs 7,500 cr worth stake in Hindustan Zinc via block deals: Report

Vedanta plans to sell shares worth Rs 7,500 crore in Hindustan Zinc Ltd via block deals, potentially at a discount of up to 10%, managed by DAM Capital and Citi. Vedanta currently holds a 63.42% stake in Hindustan Zinc. Concurrently, Hindustan Zinc approved a Rs 12,000 crore capital expansion plan to establish a 250,000-tonne per annum integrated zinc metal complex in Rajasthan, aiming to double its production capacity in zinc, lead, and silver.

Grapevine: Coca-Cola gets suitors for India arm; Infra.Market picks banks for IPO

VCCircle

VCCircle · 11m ago

Grapevine: Coca-Cola gets suitors for India arm; Infra.Market picks banks for IPO

Coca-Cola's India bottling arm, Hindustan Coca-Cola Beverages (HCCB), is reportedly in talks with the Burman family of Dabur and the Bhartias, promoters of Jubilant Group, for a possible acquisition. The deal would entail the acquisition of a 40% stake in HCCB for an estimated value of Rs 10,800-12,000 crore ($1.3-1.4 billion), valuing the company at Rs 27,000-30,000 crore ($3.21-3.61 billion). The negotiations are still ongoing, and no final agreement has been reached at this stage.

Swiggy clocks 40% growth in revenue H1 2024: Prosus

YourStory

YourStory · 8m ago

Swiggy clocks 40% growth in revenue H1 2024: Prosus

Indian food delivery platform Swiggy saw a 40% growth in revenue to $750 million during the first half of the financial year 2024-25, according to investor Prosus. The company also reduced its adjusted EBITDA loss by 41% to $85 million during the same period. Swiggy expanded its operations to 681 cities, up from 599 cities in the previous year, and saw a 22% increase in gross order value. Prosus, which owns 25% of Swiggy's stake, made profits of $2 billion after the company's IPO.

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