Friday, June 14, 2024

Swiggy to raise over Rs. 10,400 crore via IPO

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Swiggy has secured shareholder approval to pursue an initial public offering aimed at raising over Rs 10,400 crore in capital. The Bengaluru-based company intends to procure funds amounting to Rs 3,750 crore through the issuance of fresh equity shares, complemented by an offer-for-sale scheme targeting an additional Rs 6,664 crore.

Swiggy also aims to secure approximately Rs 750 crore from anchor investors through a pre-IPO round, as per reports. Established in 2014, Swiggy currently boasts a valuation of $12.7 billion as of April 10, 2024. Its fiscal year ending March 31, 2023 witnessed annual revenue of $1.09 billion.

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