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Swiggy likely to take confidential filing route for IPO

The Arc WebThe Arc Web · 1y ago
Swiggy likely to take confidential filing route for IPO
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: FabHotels gears up for IPO, converts into public company

EntrackrEntrackr · 7d ago
Exclusive: FabHotels gears up for IPO, converts into public company
Medial

Exclusive: FabHotels gears up for IPO, converts into public company Hospitality chain FabHotels changed its status and converted itself into a public company. The board has passed a resolution and approved its conversion, a move that might signal its preparation for a public listing. FabHotels’ parent company, Travelstack Tech Private Limited (formerly Casa2 Stays Pvt Ltd), has passed a resolution to rename the entity as Travelstack Tech Limited by removing the word “Private,” according to its filing with the Registrar of Companies (RoC). Founded in 2014 by Vaibhav Aggarwal and Adarsh Manpuria, Gurugram-based FabHotels is a hotel chain operating over 1,300 properties across more than 50 major Indian cities, including Mumbai, the National Capital Region, Bengaluru, and Goa. According to startup data platform TheKredible, the company has raised around $68 million to date from investors including Accel and Goldman Sachs. Its most recent funding was a $20 million round led by Panthera Partners in September 2023. In FY25, the Accel-backed company’s revenue increased over 20% to Rs 716 crore in FY25, with narrowing losses by 45% to Rs 62.7 crore compared to Rs 114 crore in FY24. FabHotels competes directly with Treebo and Bloom Hotels. While both are yet to file their FY25 numbers, Treebo crossed Rs 100 crore in revenue in FY24, whereas Bloom Hotels saw a 73.6% rise in operating revenue to Rs 250 crore and posted a profit of Rs 14 crore.

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.

Zomato CEO Deepinder Goyal’s advice to Swiggy: ‘Competent people can’t recognise they are complacent, don’t…’

LivemintLivemint · 11m ago
Zomato CEO Deepinder Goyal’s advice to Swiggy: ‘Competent people can’t recognise they are complacent, don’t…’
Medial

Food delivery aggregator Swiggy recently had its successful IPO, making hundreds of its employees "crorepatis" with their holdings now worth crores of rupees. Zomato CEO Deepinder Goyal, offering perspective as his company went public earlier this year, warned about the unintended consequences of sudden wealth. Goyal highlighted the potential for complacency and a slowdown in innovation among employees who became financially secure. Despite this, Zomato's food delivery CEO, Rakesh Ranjan, expressed optimism about the industry's future, stating that increased competition, such as Swiggy's IPO, would foster innovation and overall growth.

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