Swiggy Targets Rs 5,000 Crore from IPO, Sets Sights on $15 Billion Valuation
Swiggy is gearing up to raise Rs 5,000 crore through its upcoming IPO, marking an increase from its earlier target of Rs 3,750 crore. The Bengaluru-based food and grocery delivery giant has reportedly approved a special resolution to issue equity shares worth up to Rs 5,000 crore, pending shareholder approval at its Extraordinary General Meeting (EGM) scheduled for October 3. The company is also set to raise Rs 6,664 crore through an Offer for Sale (OFS).
Back in April, Swiggy had confidentially filed its IPO papers, aiming for a total offering of Rs 10,400 crore (roughly $1.25 billion). The company is seeking a valuation of around $15 billion when it makes its stock market debut.
Financially, Swiggy has seen a 36% rise in operating revenue for FY24, reaching Rs 11,247 crore. At the same time, it has managed to reduce its losses by 44%, from Rs 4,179 crore to Rs 2,350 crore.
Swiggy has also undergone leadership changes, bringing in new talent like Dhruvish Thakkar and Amitesh Jha to strengthen its Dineout and Instamart divisions, respectively.
Despite these advancements, Swiggy faces increasing competition in the quick-commerce sector from rivals like Blinkit and Zepto, and its market share in the segment has dropped from 52% in 2022 to 32% in early 2024.
