Swiggy Receives Shareholder Approval for IPO to Raise Over Rs 10,400 Crore

Swiggy received shareholder approval for its IPO to raise Rs 10,414 crore through fresh equity and an offer for sale. The company plans to raise Rs 3,750 crore through new shares and Rs 6,664 crore via the offer for sale. Swiggy is seeking Rs 750 crore from anchor investors pre-IPO. With a valuation of $12.7 billion and revenue of $1.09 billion as of April 2024, Swiggy has over 4,700 employees.

Food and grocery delivery major Swiggy has received shareholders' approval for an initial public offering to raise Rs 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 Rs 3,750 crore funds through fresh equity shares, in addition to an offer-for-sale component of up to Rs 6,664 crore.

The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they added.

Swiggy, founded in 2014, has a valuation of USD 12.7 billion as on April 10, 2024. Its annual revenue stood at USD 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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