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Sumer Juneja and Anand Daniel resign from Swiggy board, Faraz Khalid joins

EntrackrEntrackr · 23h ago
Sumer Juneja and Anand Daniel resign from Swiggy board, Faraz Khalid joins
Medial

Sumer Juneja and Anand Daniel resign from Swiggy board, Faraz Khalid joins Sumer Juneja from SoftBank and Anand Daniel from Accel have resigned from their roles as nominee directors on Swiggy’s board. Following these departures, Swiggy has appointed Faraz Khalid, CEO of Middle East commerce platform noon, as an independent director. The changes come as part of a major revamp in the company’s board makeup after its public listing. The appointments and resignations were finalized at a board meeting held on July 25. Faraz Khalid’s appointment is subject to shareholder approval and he will serve a five-year term on the board. Khalid brings experience in e-commerce, quick commerce, and food delivery. He co-founded Namshi and helped noon become a key player in the Middle East and North Africa region. Meanwhile, Swiggy has reappointed Shailesh Vishnubhai Haribhakti as a non-executive independent director for a second consecutive term of five years. The reappointment will take effect from January 24, 2026. Haribhakti, a veteran chartered accountant and cost accountant with over five decades of industry experience, also serves as chairman of Shailesh Haribhakti & Associates and vice chairman of GovEVA Consulting. The move is part of ongoing efforts by Swiggy to strengthen governance standards following its public listing. While Swiggy is yet to file its Q1 FY26 results, it reported a 45% year-on-year revenue growth to Rs 4,410 crore in the previous quarter, with losses widening to Rs 1,081 crore. Meanwhile, rival Zomato’s parent company, Eternal, reported Q1 FY26 revenue of Rs 7,167 crore. At the close of today’s trading session, Swiggy’s shares were priced at Rs 408.3 and the company had a market capitalization of Rs 1,01,815.6 crore (around $11.9 billion).

Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS

EntrackrEntrackr · 2m ago
Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS
Medial

Home services marketplace Urban Company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. The IPO includes a fresh issue of equity shares worth Rs 429 crore (approximately $50 million) and an offer for sale (OFS) of equity shares amounting to Rs 1,471 crore, as per the DRHP. As part of the offer for sale, Accel India will offload shares worth Rs 433 crore, while Elevation Capital and Tiger Global will sell shares valued at Rs 346 crore and Rs 303 crore, respectively. VY Capital and Bessemer will divest shares worth Rs 216 crore and Rs 173 crore through the IPO. According to the DRHP, Elevation Capital is the largest external shareholder with 10.84%, followed by Accel India and VY Capital, which hold 10.5% and 9.18%, respectively. Steadview and Prosus each own 6.80%, while Bessemer and Tiger Global command 6.46% and 4.73% stakes, respectively. The firm’s co-founders — Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra — collectively own 20.01%, divided equally among the three. Urban Company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Kotak Mahindra, Morgan Stanley, Goldman Sachs, and JM Financial, who are acting as the book-running lead managers. Importantly, as an early-stage investor, Accel is set to secure a significantly larger exit than any other investor in Urban Company. Its exit value will be 16.6 times higher than Tiger Global’s, 5.6 times higher than VY Capital’s, and 97% higher than Bessemer India’s. Elevation Capital, which also invested in Urban Company during its early years, is expected to achieve a lucrative exit as well. According to the company, the net proceeds from the fresh issue will be utilized for the new technology, cloud infrastructure, lease payments, marketing, and other general corporate purposes. In the first nine months of FY25, the company posted revenue of Rs 846 crore and a restated profit of Rs 24.25 crore. For the full fiscal year ended March 2024, it reported revenue of Rs 828 crore and a loss of Rs 92.7 crore.

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