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IPO-Bound Swiggy Facing INR 327 Cr GST Demand

Inc42 · 11m ago

IPO-Bound Swiggy Facing INR 327 Cr GST Demand

Swiggy, an Indian food delivery platform, may have to pay INR 326.7 Cr in Goods and Services Tax (GST) liabilities. The Directorate General of GST Intelligence (DGGI) in Pune has alleged that Swiggy did not pay the tax on delivery fees collected from customers. In addition, the company's CEO, Sriharsha Majety, was sent a notice last year by the Deputy Labour Commissioner in Lucknow over accusations of employing child laborers. Swiggy is planning an initial public offering (IPO) that includes a fresh issuance of shares worth up to INR 3,750 Cr and an offer for sale (OFS) component of up to 18.53 Cr shares.

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IPO-Bound Pine Labs Faces Tax Demands & Auditor Concerns

Inc42 · 2m ago

IPO-Bound Pine Labs Faces Tax Demands & Auditor Concerns

Pine Labs, a fintech company preparing for an IPO, faces significant tax and legal issues in India, with GST-related claims exceeding INR 300 crore. In February 2025, Bangalore's Joint Commissioner upheld a tax demand of INR 214.1 crore raised by GST Intelligence, Mumbai. Additionally, Pine Labs’ audit reports for FY22, FY23, and FY24 reveal concerns over internal financial controls, audit trail compliance, and delays in statutory payments, as outlined in its draft red herring prospectus (DRHP).

IPO-Bound Swiggy’s Revenue Surges 40% To INR 8,264 Cr In FY23

Inc42 · 1y ago

IPO-Bound Swiggy’s Revenue Surges 40% To INR 8,264 Cr In FY23

Bengaluru-based food delivery giant, Swiggy, reported a net loss of INR 4,179.3 Cr for the financial year 2022-23. Its operating revenue increased by over 40% to INR 8,264.4 Cr compared to the previous year. Swiggy's quick commerce vertical, Swiggy Instamart, contributed significantly to the revenue growth. Swiggy aims to improve its financial metrics ahead of its anticipated $1 Bn IPO later this year. The company recently laid off around 400 employees to showcase stronger financials.

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 receives Rs 7.6-crore notice from Pune profession tax department

Economic Times

Economic Times · 4m ago

Swiggy receives Rs 7.6-crore notice from Pune profession tax department

Swiggy, a food and grocery delivery firm, has been issued a Rs 7.6 crore notice by the Pune profession tax department for unpaid dues. This contributes to a total of nearly Rs 167 crore from various tax authorities across India in the past month. The notice pertains to violations in deducting profession tax in Maharashtra for fiscal 2022. Swiggy plans to appeal the notice, asserting strong arguments against the order, while also facing unpaid GST claims of over Rs 327 crore.

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

Inc42 · 1y ago

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

IPO-bound coworking space provider Awfis reported a net loss of INR 46.6 Cr in the financial year 2022-23 (FY23), a decline of over 18% compared to the previous year. The company's revenue from contracts with customers grew by 112% YoY to INR 545.3 Cr in FY23. Awfis plans to raise INR 160 Cr through a fresh issue of shares during its IPO and is experiencing increased demand for flexible workspaces due to the COVID-19 pandemic. However, the company faces rising expenses, including finance costs and employee benefit expenses.

Swiggy investor 360 One pins $11.5 billion value on IPO-bound company

Economic Times

Economic Times · 1y ago

Swiggy investor 360 One pins $11.5 billion value on IPO-bound company

Swiggy, the Indian food and grocery delivery firm, was valued at $11.5 billion in June by investor 360 One WAM, according to a presentation seen by ET. Swiggy recorded revenues of INR 7,474 crore ($995 million) in the first half of fiscal 2024, indicating an annualized revenue of INR 14,947 crore ($1.99 billion) for the year. Swiggy is currently in the process of filing for an IPO, with valuations likely to be influenced by market conditions and financial disclosures.

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.

IPO-bound Swiggy shrugs off plans on doubling platform fee in near term

Inc42 · 1y ago

IPO-bound Swiggy shrugs off plans on doubling platform fee in near term

Swiggy has denied reports of doubling its platform fee on food orders, stating that it has no such plan for the near future. Speculations were rife that the food delivery aggregator would increase the fee from INR 5 to INR 10 to offset losses ahead of its upcoming IPO. The company clarified that it constantly experiments with offerings to understand user preferences and improve affordability. Swiggy's archrival, Zomato, recently raised its platform fee from INR 3 to INR 4. Swiggy's IPO is anticipated to take place in mid-2024.

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

Inc42 · 1y ago

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

IPO-bound logistics company BlackBuck reported a net loss of INR 194 crore in FY24, down 33% from the previous fiscal year. However, its total revenue increased 62% to INR 316.5 crore, including other income. BlackBuck is planning an IPO, with a fresh issue of shares worth INR 550 crore.

Swiggy’s Core: Who’s Driving The IPO-Bound Giant Towards Profitability?

Inc42 · 11m ago

Swiggy’s Core: Who’s Driving The IPO-Bound Giant Towards Profitability?

Swiggy, a leading food delivery platform in India, has experienced several leadership changes in recent years across its various business verticals. The company's CEO, Sriharsha Majety, has assembled a team of experienced professionals from the fields of e-commerce, consultancy, and technology products, including cofounders Nandan Reddy and Phani Kishan. Notably, Instamart, Swiggy's quick commerce vertical, has seen the most new hires. As Swiggy prepares for an IPO, its new leaders have a significant responsibility, with revenue for each key vertical ranging from INR 1,000 Cr to INR 6,000 Cr.

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