Anisha Mehra
North News
Chandigarh, September 27
Swiggy Ltd. has officially filed its draft documents with the Securities and Exchange Board of India (SEBI) in preparation for an initial public offering (IPO). The IPO will comprise a fresh issue of Rs 3,750 crore and an offer for sale of 18.5 crore shares. According to the news outlet the NDTV PROFIT, as part of the offer for sale, Swiggy’s founders, including Sriharsha Majety and Rahul Jaimini, will be selling significant stakes, with Majety offering over 17 lakh shares and Jaimini over 11 lakh shares.
For the fiscal year 2024 (FY24), Swiggy recorded a 36% rise in operating revenue to Rs 11,247.3 crore, though it still trails its competitor Zomato, which posted Rs 12,961 crore in revenue. On the profitability front, Zomato leads with a profit of Rs 351 crore, while Swiggy continues to focus on cost-cutting, reducing its losses by 44% to Rs 2,256 crore in FY24. Swiggy plans to use the IPO proceeds to invest Rs 586 crore in technology and cloud infrastructure, Rs 929 crore in brand marketing, and Rs 137 crore towards debt reduction the news outlet further said.
