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  4. As Swiggy gears up for IPO, here's a look at its financials, business updates and rival’s performance

As Swiggy gears up for IPO, here's a look at its financials, business updates and rival’s performance

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Upstox

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2 min read • Updated: April 12, 2024, 5:12 PM

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Summary

The company has changed its name to Swiggy Limited from Swiggy Private Limited while the holding company of Swiggy had earlier changed its name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. Wealth managers on the company’s behalf are reported to be pitching a 20% discount on its current valuation as a pre-IPO deal to high net-worth individuals.

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Swiggy business updates and financials ahead of IPO

Online restaurant aggregator Swiggy is believed to be gearing up for its initial public offering according to media reports. Here’s a look at some of the updates regarding the company:

Change in name

The company has changed its name to Swiggy Limited from Swiggy Private Limited while the holding company of Swiggy had earlier changed its name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. “The change in the name of the company will help establish greater proximity and identification of the company’s corporate name with the company’s core brand, ‘Swiggy’,” the food delivery platform said in the resolution,” a report said citing regulatory filings made with the Registrar of Companies (RoC). The company is expected to come out with an initial public offer worth $1 billion dollar or ₹8,300 crore.

Discount to HNIs

Another report stated, citing sources, that wealth managers on the company’s behalf have been pitching a pre-IPO deal to high net-worth individuals (HNIs) to purchase shares at a 20% discount on its current valuation. The minimum investment in the round is expected to be ₹25 lakh, the report added.

Financials

Swiggy had recorded revenues to the tune of ₹5,476 crore during the first nine months of the fiscal year 2024, a report said. This amounts to a 25-30% growth on a year-on-year basis, it said. Gross order value came in at ₹24,230 crore, with food delivery constituting 76.2% of the value, the report added.

Rival’s Performance

During the quarter-ended December 2023, Zomato reported a 69% year-over-year growth in its operating revenue at ₹3,288 crore. The company reported a net profit of ₹138 crore compared to a net loss of ₹347 crore, in the same quarter a year ago. Zomato had reported that its gross order value (GOV) across the B2C businesses grew 47% year-over-year to ₹12,886 crore. Zomato’s shares have gained over 54% since the beginning of the year. The stock has risen over 262% in the last one year.

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