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IPO-bound Swiggy converts itself into a public entity

EntrackrEntrackr · 1y ago
IPO-bound Swiggy converts itself into a public entity
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.

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

EntrackrEntrackr · 10m ago
Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%
Medial

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.

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