Swiggy Reveals Rs 33 Crore Fraud by Former Employee in Annual Report
A former junior employee at Swiggy has allegedly stolen nearly Rs 33 crore over the course of several years, according to the company’s annual report for 2023-24. Swiggy, an online food delivery company based in Bengaluru, revealed the embezzlement in its report and has taken steps to address the issue.
According to a report by *Moneycontrol*, Swiggy has hired an external team to investigate the matter and has already filed a legal complaint against the employee in question. The fraud came to light in the financial report for the year ending March 31, 2024, where it was disclosed that the employee had siphoned off Rs 326.76 million from one of Swiggy’s subsidiaries.
Swiggy has accounted for the loss as an expense in its financial statements, but has not provided further details on the case.
In other news, Swiggy is preparing for an initial public offering (IPO) and is aiming for a valuation of around $15 billion (approximately Rs 1.25 lakh crore). The company plans to raise $1-1.2 billion through this offering, which could make it one of the largest IPOs in India this year.
Swiggy, which competes with Zomato in the food delivery space, has also made strides in the quick-commerce sector, delivering groceries and other essentials within 10 minutes.
Adding to Swiggy’s growth, it was recently reported that Bollywood legend Amitabh Bachchan’s family office has acquired a small stake in the company. The stake was reportedly purchased from Swiggy’s employees and early investors, showing increased interest in the company ahead of its IPO.
Earlier in April, Swiggy received approval from its shareholders to raise over Rs 10,400 crore through its upcoming IPO, which will involve issuing fresh equity shares as well as an offer for sale.
