Food aggregator and grocery delivery platform Swiggy has filed its draft red herring prospectus (DRHP) with the markets regulator, Sebi. The company plans to raise Rs 3,750 crore through a fresh issue.
The initial public offering (IPO) is a combination of a fresh issue and an offer-for-sale of 185,286,265 shares by existing investors.
Sources, however, added that the company may decide 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 is expected to take this decision at an extraordinary general meeting (EGM) 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 the expansion of its dark store network for its quick commerce segment, setting up 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. The company’s average monthly order frequency for the three months ended June 30, 2024, and 2023, and in FY24, FY23, and FY22 was 4.50 times, 4.42 times, 4.48 times, 4.34 times, and 4.14 times, respectively.
Swiggy’s consolidated operating revenue for FY24 was Rs 11,247.4 crore, a growth of 36 per cent year-on-year (Y-o-Y), while losses halved during the same period. Q1FY25 consolidated business-to-consumer (B2C) gross order value (GOV) was 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
