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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.
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).
Swiggy Changes Its Registered Name Ahead Of IPO
Inc42 · 1y ago
Medial
Swiggy, the Indian food delivery giant, is changing its registered name from Bundl Technologies Private Limited to Swiggy Private Limited, ahead of its planned IPO later this year. The name change aims to establish better identification with Swiggy's core brand. However, the name change is subject to the approval of the Registrar of Companies. The IPO, expected to be one of the largest for a tech company, is anticipated to have a size of $1 billion. Swiggy's rival, Zomato, has reported three consecutive profitable quarters in the current financial year.
After Zomato, Swiggy Hikes Platform Fee To INR 10 Per Order
Inc42 · 9m ago
Medial
Swiggy has increased its platform fee on its food delivery service from INR 7 to INR 10 per order, following a similar move by Zomato. This comes as Swiggy looks to optimize its revenue ahead of its planned initial public offering (IPO).
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.
Swiggy likely to take confidential filing route for IPO
The Arc Web · 1y ago
Medial
Indian food delivery giant, Swiggy, is reportedly considering a confidential or pre-filing route to submit its IPO documents to the Securities and Exchange Board of India (SEBI). This option, introduced by SEBI in 2022, allows companies to protect their proprietary business information until they receive approval for a public offering. Swiggy's move follows recent preparations for a public listing, such as appointing a new independent director and converting from a private limited company to a public limited one. However, the company is still experiencing losses in its instant grocery business, Instamart, and trails behind competitor Zomato in food and grocery delivery. Swiggy is seeking a valuation between $12-15 billion, while Zomato's valuation recently reached $20 billion.
Exclusive: Razorpay converts to public entity ahead of IPO plans
Entrackr · 3m ago
Medial
Exclusive: Razorpay converts to public entity ahead of IPO plans Fintech unicorn Razorpay has transitioned into a public limited company, moving closer to its planned initial public offering (IPO). While it has no immediate plans to go public, the Bengaluru-based firm—previously domiciled in the United States—is in the process of shifting its headquarters to India. “As part of our redomiciling to India, we’re initiating the process to become a public company well before our IPO in approximately two years, in order to align with best governance practices and build early readiness,” a company spokesperson said in response to Entrackr’s queries. Razorpay will join the likes of Paytm and MobiKwik, which have already gone public, while Pine Labs and PayU are also expected to list by the end of the ongoing fiscal year (FY26). As per media reports, the Bengaluru-based payments unicorn is targeting its IPO by 2026-27. The development comes two months after the Regional Director in Hyderabad approved the amalgamation of Razorpay Inc with Razorpay India. Razorpay provides easy and secure payment solutions tailored for local businesses. Its offerings include multi-currency transactions, real-time payments, and cost-effective cross-border solutions. In addition to India, the company has expanded its presence to Singapore and Malaysia. Razorpay has raised over $800 million across multiple funding rounds and was last valued at around $7 billion. In FY24, the company posted a revenue of Rs 2,068 crore with a profit of Rs 35 crore. It competes with players like Cashfree, which reported Rs 642 crore in revenue for the same period, and PayU, which recorded $444 million (approximately Rs 3,800 crore) in revenue during FY24.
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO
Entrackr · 6m ago
Medial
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO Logistics and supply chain enabler Shiprocket is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting it into a public entity. The board at Shiprocket has approved a resolution to change its status to a public company and rename it from “Shiprocket Private Limited” to “Shiprocket Limited”, as per its regulatory filing. The conversion into the public entity has come a month after raising $26 million in its Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. The company will likely raise more capital in its pre-IPO round. Shiprocket reportedly plans to raise between Rs 2,000-2,500 crore through its IPO, which will include both primary components and an offer for sale (OFS). According to media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder followed by Tribe. Zomato, Temasek, LightRock, and Paypal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyard.
Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO
Entrackr · 1m ago
Medial
Fintech unicorn Moneyview is set to convert into a public company ahead of its IPO. The company recently changed its parent company’s name from “Whizdm Innovations Private Limited” to “Moneyview Private Limited.” The board has passed a special resolution to convert the company into a public entity, renaming it “Moneyview Limited.” Moneyview aims to raise over $400 million through its IPO, having appointed Axis Capital, Kotak Mahindra, and others as banking partners. Founded in 2014, Moneyview offers loans, credit cards, BNPL, and financial management tools, partnering with over 15 institutions. It has raised over $230 million from investors such as Accel and Tiger Global. For FY24, Moneyview's revenue increased by over 75% to Rs 1,012 crore, with a profit of Rs 171 crore. Other fintech firms like Pine Labs and Razorpay are also preparing to go public.
Ahead Of IPO, Swiggy Gets Valuation Mark Up From Invesco Again
Inc42 · 1y ago
Medial
Invesco, a US-based fund manager, has increased Swiggy's fair value by 19% to $12.7 billion in preparation for the company's upcoming IPO. This marks the third time Invesco has raised Swiggy's valuation, following two previous decreases. In 2022, Invesco led a $700 million funding round for Swiggy, which resulted in the food delivery company being valued at $10-11 billion. Swiggy plans to change its name from "Swiggy Private Limited" to "Swiggy Limited" to facilitate fundraising, including through an IPO with an expected issue size of $1 billion. However, the company reported a loss of $207 million in the first nine months of FY24.
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