Swiggy Receives SEBI Nod for IPO Amid Strategic Growth Initiatives

Food and grocery delivery platform Swiggy has gained SEBI’s approval for its Initial Public Offering (IPO). The process involves a confidential pre-filing, with eventual updates before a public filing. Swiggy aims to raise over Rs 10,000 crore through fresh equity shares and an Offer-For-Sale (OFS).

Swiggy, a major player in the food and grocery delivery sector, has secured clearance from the capital markets regulator SEBI for launching its much-awaited Initial Public Offering (IPO), according to sources on Wednesday.

The company initially filed its offer document on April 30 using the confidential pre-filing route, opting to keep details undisclosed for the time being. As part of this process, Swiggy will submit two updated draft prospectuses after SEBI's approval: one addressing the regulator's feedback and another for public comments over 21 days. Following this, the final prospectus will be filed, paving the way for the company to launch roadshows for the IPO, sources said.

Founded in 2014, Swiggy had a valuation of nearly USD 13 billion as of April 2023. The company reported an annual revenue of USD 1.09 billion as of March 31, 2023, and employs over 4,700 people, according to global startup data platform Tracxn. In April, sources indicated that Swiggy received approval from shareholders to raise Rs 10,414 crore through fresh equity shares and an Offer-For-Sale. Additionally, the Bengaluru-based company plans to gather Rs 750 crore from anchor investors in a pre-IPO round. Last week, Swiggy launched 'Project Next,' a new initiative aimed at offering career growth opportunities for delivery partners while accelerating restaurant onboarding.

(With inputs from agencies.)