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IPO-Bound Swiggy Turns Into A Public Company
Inc42
·
1y ago
Medial
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).
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IPO-bound Swiggy converts itself into a public entity
Entrackr
·
1y ago
Medial
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.
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IPO-bound Swiggy's valuation up by 13% at $12.1 bn from $10.7 bn: Report
Business Today
·
1y ago
Medial
US asset manager Baron Capital Group has increased the fair value of Indian food-delivery app Swiggy, boosting its valuation by 13% to $12.16bn in anticipation of its upcoming IPO. The valuation update was revealed in filings with the US Securities and Exchange Commission. Baron Capital had previously invested in Swiggy during a $700m funding round in January 2022. As of the end of December 2023, the asset manager held a stake worth $87.2m in Swiggy's parent company. Swiggy is planning to go public in mid-2024 with a projected $1bn IPO.
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IPO-Bound Swiggy expands into Lakshadweep amid layoff plan
Inc42
·
1y ago
Medial
Food delivery platform Swiggy has expanded its services to Lakshadweep's Agatti island city, becoming the first online food delivery platform to enter the region. The move aims to support local restaurants, empower local culinary talents, and enhance the dining experience for visitors. Swiggy's expansion comes as the company plans to downsize its workforce by around 6%. Despite the layoffs, Swiggy continues to focus on growth and profitability, with plans to go public in mid-2024 through what is expected to be the largest IPO by an internet company, with an issue size of $1 billion.
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Swiggy converts to public limited company ahead of IPO
Economic Times
·
1y ago
Medial
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.
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IPO-Bound Swiggy Facing INR 327 Cr GST Demand
Inc42
·
10m ago
Medial
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 Swiggy Strengthens Instamart’s Leadership Team With Four Key VP Heads
Inc42
·
1y ago
Medial
Swiggy, a Bengaluru-based startup, has announced new appointments to improve its on-demand services in India. The company is also preparing for its public listing. Additionally, reports suggest that Amazon India has approached Swiggy for a possible deal related to Instamart.
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IPO-bound FirstCry's CEO Supam Maheshwari offloads shares worth Rs 300 crore: Report
Economic Times
·
1y ago
Medial
The CEO of FirstCry, Supam Maheshwari, has reportedly sold shares worth INR 300 crores ($40 million) ahead of the company's IPO. FirstCry is a leading Indian baby products retailer that is planning to go public. Maheshwari co-founded the company in 2010 and has since grown it into a unicorn startup. The IPO is expected to value FirstCry at around INR 46,000 crores ($6.2 billion).
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Swiggy gears up for IPO: Food aggregator converts to public limited company
Livemint
·
1y ago
Medial
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.
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IPO-Bound Swiggy’s Revenue Surges 40% To INR 8,264 Cr In FY23
Inc42
·
1y ago
Medial
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.
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IPO-bound Swiggy appoints Suparna Mitra as an independent director
Entrackr
·
1y ago
Medial
Swiggy has announced the appointment of Suparna Mitra as an independent director to its board. The move comes at a time when the Prosus-backed foodtech company is readying itself for public listing. Mitra, who was the CEO of Titan Company Limited’s Watches and Wearables Division, brings over 30 years of experience in lifestyle and retail. Mitra has joined Swiggy’s distinguished list of independent directors that includes Anand Kripalu, MD & Global CEO at EPL Limited and Chairperson of the Swiggy board, Shailesh Haribhakti, chairman of Shailesh Haribhakti & Associates, and Sahil Barua, MD and CEO at Delhivery. Swiggy has seen a few key executives’ departures at the management of late. Some of the notable executives who have left the firm since April last year are Karan Arora (VP and head of supply chain management), Nishad Kenkre (VP and head of revenue and growth at Instamart), Ashish Lingamneni (VP and head of brand and product marketing), Dale Vaz, chief technology officer, and senior VP Karthik Gurumurthy. Meanwhile, it has also announced new appointments such as Ashwath Swaminathan as its chief growth & marketing officer and Anirban Roy and Dipak Krishnamani as VP of Growth and VP of Swiggy Mall, respectively. As mentioned above, the foodtech firm is in the process to file its IPO papers soon. According to Entrackr‘s exclusive report, Swiggy booked Rs 5,476 crore in revenue from operations during the first three quarters of financial year FY23. The company recorded $200 million (approximately Rs 1,600 crore) loss for the nine months.
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