Swiggy secures shareholders’ nod to raise over ₹10,400 cr via IPO

Food and grocery delivery major Swiggy has received shareholders’ approval for an initial public offering to raise ₹10,414 crore fund through issue of fresh equity shares and an offer for sale, according to sources.

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

• Also read: Swiggy changes registered name ahead of IPO

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

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

• Also read: Swiggy launches Smart Links to boost orders for restaurants with a digital presence

Swiggy, founded in 2014, has a valuation of $12.7 billion as on April 10, 2024. Its annual revenue stood at $1.09 billion as on March 31, 2023.

The company has more than 4,700 employees, according to Tracxn, a global startup data platform.