Food aggregator and grocery delivery platform Swiggy has filed its draft red herring (DRHP) with the markets regulator SEBI to raise Rs 3,750 crore via fresh issue.
The IPO is a combination of fresh issue and offer-for-sale of 185,286,265 share by existing investors.
Sources, however, added that the company may take a decision to upsize the fresh issue component by another Rs 5,000 crore, taking the total fresh issue component up to Rs 11,600 crore. The company will be taking this decision in an EGM expected to be held in the first week of October.
According to the DRHP the proceeds of the IPO will be used for investment in its subsidiary Scootsy, for expansion of its dark store network for its quick commerce segment, setting up new dark stores, investment in technology and cloud infrastructure and funding its inorganic growth.
The company has reached a milestone of 112.7 million transacted users as of June 2024. Its average monthly order frequency for the three months ended June 30, 2024 and 2023, and in financial years 2024, 2023 and 2022 was 4.50 times, 4.42 times, 4.48 times, 4.34 times and 4.14 times respectively.
Swiggy’s consolidated operating revenue for financial year 2024 (FY24) was at Rs 11,247.4 crore, which grew 36 per cent year-on-year (YoY). While losses have halved during the same period. Q1FY25 consolidated B2C gross order value (GOV) was at Rs 10,189.5 crore.
Net loss declined by 46 per cent to Rs 2,256 crore in FY24. EBITDA loss stood at Rs 1,836 crore.
First Published: Sep 26 2024 | 10:09 PM IST
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