Skip to main content

Swiggy gets Sebi approval to raise funds via IPO

The company’s annual revenue stood at $1.09 billion as of March 31, 2023, and has more than 4,700 employees, according to Tracxn, a global startup data platform

New Delhi: Food and grocery delivery major Swiggy has received capital markets regulator Sebi’s clearance to launch its much anticipated Initial Public Offering (IPO), sources said on Wednesday.

Swiggy filed its offer document on April 30 through the confidential pre-filing route, keeping details undisclosed for the time being.

Under the confidential filing process, Swiggy will submit two updated draft prospectuses after Sebi’s approval — one addressing the regulator’s feedback and the other for public comments over 21 days. Only then will the final prospectus be filed, and the company can launch roadshows for the IPO, sources said.

Swiggy, founded in 2014, had a valuation of nearly $13 billion in April.

The company’s annual revenue stood at $1.09 billion as on March 31, 2023 and has more than 4,700 employees, according to Tracxn, a global startup data platform.

In April, sources had previously stated that Swiggy received shareholders’ approval for an IPO to raise Rs 10,414 crore fund through issue of fresh equity shares and an Offer-For-Sale (OFS).

A special resolution was passed at an extraordinary general meeting of Swiggy on April 23, they stated.

According to sources, the Bengaluru-based company plans to raise up to Rs 3,750 crore funds through fresh equity shares, in addition to an OFS component of up to Rs 6,664 crore.

The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they had added.

Last week, Swiggy announced the launch of a new initiative “Project Next”, aimed at providing career growth opportunities for its delivery partners while accelerating restaurant onboarding.

The post Swiggy gets Sebi approval to raise funds via IPO appeared first on India Retailing.



from India Retailing https://ift.tt/gVlWMbP
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more