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What Zomato CEO Deepinder Goyal said about Swiggy's IPO

Upstox
By Upstox News Desk

2 min read | Updated on October 08, 2024, 15:18 IST

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SUMMARY

Swiggy IPO: SEBI recently approved ₹10,414 crore IPO of food aggregator Swiggy. The initial share sale is a mix of a fresh issuance of shares valued at ₹3,750 crore and an offer-for-sale of 18.52 crore shares worth ₹6,664 crore. Last week, Swiggy received shareholders' nod to increase the size of the primary issue of its offer from ₹3,750 crore to ₹5,000 crore.

Swiggy-IPO-Food-tech.webp

Swiggy, founded in 2014, was valued at nearly $13 billion in April.

Swiggy IPO: As the initial public offering of food and grocery delivery giant Swiggy is around the corner, Zomato founder and group CEO Deepinder Goyal said that listing of another food tech company would benefit the industry.

In an exclusive conversation with Moneycontrol, Goyal said it is "good for the sectors to have multiple companies".
"But I do not know anything else, we really focus on our own job," Zomato CEO said, adding, "We don't care about anything else. What's going on out there, nothing."
Swiggy IPO: Charting a new delivery route

Swiggy IPO gets SEBI approval

The market regulator, the Securities and Exchange Board of India (SEBI), recently approved ₹10,414 crore IPO of food aggregator Swiggy.

The initial share sale is a mix of a fresh issuance of shares valued at ₹3,750 crore and an offer-for-sale component of 18.52 crore shares worth ₹6,664 crore.

Last week, Swiggy received shareholders' nod to increase the size of the primary issue of its offer from ₹3,750 crore to ₹5,000 crore at the extraordinary general meeting (EGM).

Under the OFS, those offloading their shares include Accel India IV (Mauritius) Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, Apoletto Asia Ltd, Elevation Capital V Ltd, DST EuroAsia V BV, MIH India Food Holdings BV, Norwest Venture Partners VII-A Mauritius, Inspired Elite Investments Ltd and Tencent Cloud Europe BV.

The company is also looking to raise funds in a pre-IPO round. If it takes place, the fresh issue size will be deduced accordingly.

Also Read: IPO-bound Swiggy launches 10-minute food delivery service Bolt

According to the IPO papers, the company will use fresh issue proceeds worth ₹137.41 crore to repay the debt of subsidiary Scootsy. Funds to the tune of ₹982.40 crore will be invested in Scootsy to broaden the dark store network in the quick commerce segment.

The food delivery platform will also invest ₹929.50 crore in brand marketing and business promotion and ₹586.2 crore in enhancing technology and cloud infrastructure. Funds will also be allocated for inorganic growth and general corporate purposes.

Swiggy, founded in 2014, was valued at nearly $13 billion in April. As of March 31, 2023, the company's annual revenue stood at $1.09 billion, and it has over 4,700 employees, according to Tracxn, a global startup data platform.
To know more about IPOs listing, schedule and upcoming IPOs, click here.
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