Swiggy secures shareholders' nod to raise over ₹10,400 crore via IPO
The Hindu
Swiggy plans IPO to raise ₹10,414 crore, with fresh equity shares and offer for sale, aiming for $12.7 billion valuation.
Food and grocery delivery major Swiggy has received shareholders' approval for an initial public offering to raise ₹10,414 crore fund through issue of fresh equity shares and an offer for sale, according to sources.
A special resolution was passed at an extraordinary general meeting of Swiggy on April 23, they said.
According to sources, the Bengaluru-based company plans to raise up to ₹3,750 crore funds through fresh equity shares, in addition to an offer-for-sale component of up to ₹6,664 crore.
The company is looking to shore up about ₹750 crore from anchor investors in a pre-IPO round, they added.
Swiggy, founded in 2014, has a valuation of $12.7 billion as on April 10, 2024. Its annual revenue stood at $1.09 billion as on March 31, 2023.
The company has more than 4,700 employees, according to Tracxn, a global startup data platform.
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