• Source:JND
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Swiggy, food delivery and quick commerce platform, is preparing to seek shareholder approval for a fresh issue worth Rs 5,000 crore as part of its upcoming IPO. Earlier, the food delivery firms announced to raise 3,750 crore, now it is seeking an increase in IPO price.

According to a report of The Economic Times, the proposal would be discussed at an extraordinary general meeting (EGM), which is scheduled on October 3, as detailed in a notice sent to shareholders.

Swiggy seeks to raise IPO amount

The new IPO's amount is higher than the initial Rs 3,750 crore that the company aims to raise, in addition to Rs 6,664 crore proposed for sale. As per report Swiggy has submitted its draft IPO prospectus to the Securities and Exchange Board of India (SEBI).

Swiggy reports 36% rise in operating revenue

Last week, Swiggy released its financial performance for the financial year ending March 31, 2024. The company reported a 36 percent rise in operating revenue to Rs 11,247 crore and reduced net loss to Rs 2,350 crore, marking a 44 percent decline from the previous year.
Zomato, meanwhile, posted a revenue of Rs 12,114 crore and Rs 351 crore in FY24.

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While Swiggy competes with Zomato in the food delivery segment, its fast commerce division Instamart faces competition from Zomato-owned Blinkit, Zepto (backed by Nexus Venture Partners), Flipkart Minutes, and Tata Digital’s BigBasket.

Celebrities invested in Swiggy

Ahead of the IPO, Swiggy has had attracted fund from several icons including Bollywood superstar Amitabh Bachchan’s family office, Motilal Oswal Financial Services chairman Ramdev Agarwal and automobile components maker Hindustan Composites.

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