Bengaluru based decacorn is all set to do its $1.25 Billion IPO post a fresh equity shares issuance


Swiggy, the Bengaluru-based foodtech decacorn, is making strides toward its anticipated public debut. It has secured shareholders’ approval to launch its $1.25 billion initial public offering (IPO).

In a significant move, Swiggy’s board has unanimously passed a special resolution to raise to Rs 3,750 crore ($450 million) through a fresh issuance of equity shares, alongside an offer for sale of up to Rs 6,664 crore ($800 million), according to regulatory filings accessed from the Registrar of Companies.

ET initially reported the development.

According to the filings, Sri Harsha Majety has been appointed as the company’s executive director for a three-year tenure starting April 1, 2024, with a remuneration of Rs 2.5 crore for FY25 and Rs 3 crore for FY26.

Swiggy’s board has also named Rahul Bothra, the chief financial officer (CFO), and M. Sridhar, the company’s secretary and compliance officer, as stated in the filing.

This announcement follows Swiggy’s recent transition into a public entity and the release of its financial performance for the first three-quarters of FY24.

In the interim, Swiggy’s wealth managers have proposed a pre-IPO opportunity to high net-worth individuals (HNIs), offering shares at a 20% discount. The company, backed by early investor Invesco, was recently valued at $12.7 billion, witnessing consecutive upticks in its fair market value.

In FY23, Swiggy recorded revenue of Rs 8,265 crore, accompanied by losses of Rs 4,179 crore. For the first three-quarters of FY24, the company generated Rs 5,476 crore in operating income, offset by a loss of Rs 1,600 crore.

Recent approvals from the Securities and Exchange Board of India (SEBI) have been granted to co-working solutions provider Awfis and travel tech firm TBO to proceed with their IPOs. Pending approvals from the market regulator are those of FirstCry, Ola Electric, MobiKwik, and Unicommerce, following their filing of Draft Red Herring Prospectuses (DRHPs).