Swiggy received shareholders' approval to increase fresh issue size to INR 5,000 Cr.   The foodtech major aims to raise $1.4 Bn through its IPO, at a likely valuation of $15 Bn.   The IPO will also...

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- Swiggy received shareholders' approval to increase fresh issue size to INR 5,000 Cr. 
- The foodtech major aims to raise $1.4 Bn through its IPO, at a likely valuation of $15 Bn. 
- The IPO will also include an offer for sale component of 18.53 Cr shares. 
- US-based asset manager Invesco recently marked up Swiggy’s valuation to $13.3 Bn. 
- Despite widening net loss, Swiggy’s revenue from operations increased 35% due to strong growth in food delivery and quick commerce businesses.

Source: [Inc42](https://inc42.com/buzz/swiggy-ipo-foodtech-major-gets-shareholders-nod-to-up-fresh-issue-size-to-inr-5000-cr/)

Swiggy Shareholders Approve Fresh Issue Size Increase to INR 5,000 Cr

Journalist

Swiggy Shareholders Approve Fresh Issue Size Increase to INR 5,000 Cr- Grapevine

- Swiggy has launched a $65 million ESOPs liquidity programme, marking its fifth such event since 2018.
- Employees across various levels can now receive liquidity for their ESOPs in the secondary market.
- This is the third consecutive ESOP liquidity event following those in July 2022 and 2023.
- Swiggy has enabled over Rs 1,000 Cr of ESOPs liquidity, benefiting 3200 employees over five events.
- The announcement comes as Swiggy prepares for its IPO, with plans to raise approximately $1.25 billion. 

 Source: Entrackr

Swiggy Announces $65 Million ESOPs Liquidity Programme

- Swiggy plans to increase its IPO size from Rs 3,750 crore to Rs 5,000 crore through a fresh issue of shares.
- The final decision will be made at the company's extraordinary general meeting on October 3.
- The total IPO size could reach $1.4 billion if the new proposal is approved.
- Rivals like Zomato and Blinkit have improved profitability, intensifying market competition.
- Swiggy's revenue grew 36 percent in FY24, while losses decreased by 44 percent. 

 Source: [Moneycontrol](https://api.gvine.app/admin/grapevine/post/0b3956c3-e191-49bb-9014-61e765005b22/change/)

Swiggy Boosts IPO Size to Rs 5,000 Crore Amidst Fierce Market Competition

- Early investors in Swiggy, including Prosus, Accel, and Elevation Capital, are selling shares ahead of the company's IPO later this year.
- New investors, such as 360 One and high net-worth individuals, are buying these shares, showing confidence in Swiggy's growth potential.
- The company is signaling a potential IPO valuation of $10-13 billion, with current secondary transactions valuing it at $9.3 billion.
- Accel and Elevation Capital, early investors since 2015, are selling shares to realize gains accumulated over the years.
- Prosus, holding around 33% of Swiggy, needs to reduce its stake to 25% or below to avoid being tagged as a promoter during the IPO. 

 Source: Moneycontrol

Swiggy Shares on the Menu: Secondary Transactions Gain Steam Ahead of IPO

Welcome to Indian Startups's Private Community

Food tech market is 50B+ ( duopoly)

Most of my friends use swiggy for everything like food, groceries and dine out.

They say Zomato sucks in ui ux and 3rd grade restaurants are there at Zomato, swiggy is better at offers and quality restaurants.

Zomato peak stock value was 180inr, which makes it a 15B firm, by that logic swiggy can get even 20B ipo.

PS - Baron capital already raised swiggy valuation to 13.9B usd

What do u think guys?

Swiggy valuation $15B ++

Senior Consultant

Most of us are curious of how decisions are made in major VC funds, as these funds are private and only share this information with their Limited Partners (LPs).

For the unknown, there are VC funds known as Corporate Venture Capital funds, which are the venture arms of corporate firms; they are required to disclose the performance of their CVC funds to the general public.

Prosus, one of the largest funds in this category, has just released its 2024 Annual Report, so thought it would be helpful to share the key takeaways with you all. So, here we go:

1/ Swiggy: On the Launchpad
Swiggy continues to impress with a 26% surge in its gross order value and a robust user base that's grown to 104 million. The food delivery giant isn't just expanding—it's preparing to soar with a confidential IPO filing. Swiggy's blend of core deliveries and quick-commerce ventures positions it as a frontrunner in the food-tech race.

2/ Byju's: A Reality Check
The tides have turned for Byju’s, once a darling of the edtech world, now facing a stark reality with a $493 million valuation write-down by Prosus. This significant markdown is a wake-up call to the high-flying valuations in the edtech sector, spotlighting the need for sustainable financial health over speculative growth.

3/ PayU: Quietly Confident
While specific updates on PayU were sparse, its role in Prosus’s fintech ambitions remains pivotal. PayU continues to weave through Prosus's strategy, likely focusing on enlarging its digital payment solutions and tapping into burgeoning financial service opportunities in emerging markets.

4/ PharmEasy: Unsung Potential
PharmEasy's story remains under the radar in this year’s dispatch. However, as a component of Prosus's health tech ventures, it’s poised to play a crucial role in expanding accessible digital healthcare solutions, streamlining services from prescriptions to doorstep delivery.

The Bigger Picture? Prosus's strategy paints a vivid portrait of India's evolving startup ecosystem. It's no longer just about rapid growth and sky-high valuations. The game has changed:

1/ Sustainability is king: Byju's fall from grace is a stark reminder that financial health trumps speculative growth.
2/ IPO readiness matters: Swiggy's preparations show the market's appetite for well-prepared tech giants.
3/ Quiet expansion: PayU and PharmEasy's low-key presence suggests strategic focus on steady growth over flashy headlines.
4/ Diversification is key: Prosus's varied portfolio highlights the importance of spreading bets across sectors.

Checkout their annual report at https://www.prosus.com/~/media/Files/P/Prosus-CORP/AR2024/1latestfinancialresults/04annualreport/fy2024annualreport.pdf - happy reading!

Would you like more breakdowns of such reports and documents? Let us know in comments below 👇🏽

Key takeaways from Prosus 2024 Annual Report

- Invesco valued its 28,844 shares of Swiggy at $219.2 Mn as of April 2024, translating to a $12.3 Bn valuation for the foodtech company.
- Pine Labs' valuation was pegged at $3.5 Bn at the end of April 2024, down from $3.8 Bn in January 2024.
- The valuation cuts come as Swiggy prepares for its $1.25 Bn IPO, having filed its draft red herring prospectus with SEBI.
- Despite the cuts, Swiggy's latest valuation is still 15% higher than its $10.7 Bn valuation during its $700 Mn decacorn round in 2022.
- The valuation adjustments follow a period of funding challenges and losses for Indian unicorns, though investor sentiment has recently improved. 

 Source: Inc42

Invesco Marks Down Valuations Of IPO-Bound Swiggy, Pine Labs

Personally very excited for this one, after the gains I made on Zomato.

TLDR: Swiggy wants to go for a $13Bn IPO while investors feel that's too much, $11Bn is more like it :)

Corporate Strategist

Baron Capital, an investor in Indian food delivery startup Swiggy, has increased the value of its stake in the Indian firm, implying a valuation of $12.16 Baron Capital, an investor in Indian food delivery startup Swiggy, has increased the value of its stake in the Indian firm.

Baron boosts Swiggy valuation to $12.16B, above prior private market value | TechCrunch

Swiggy's valuation in it's best shape before the impending IPO

Founder

Welcome to Banking & Finance's Private Community

Swiggy ipo

Approx 2000 Swiggy folks are going to be like “Paisa hi Paisa”. Anyone here who will be benefiting from this??

Swiggy’s 540 Cr of ESOP buy back ahead of IPO

Product Manager

Swiggy is planning to go public soon and has offered to exercise our ESOPs at a certain valuation. This is not a buyback, so we will have to pay taxes on the exercised shares. Is it worth exercising now or should I wait for the IPO? I will only gain from this if the IPO price is higher than the exercise price, otherwise I will end up paying more tax. Did Zomato have a similar offer before its IPO? If so, what was the best option for its employees?

What did Zomato employees did?

Software Engineer

https://www.business-standard.com/amp/markets/news/swiggy-may-file-papers-with-sebi-for-ipo-in-2-weeks-to-raise-rs-8-000-cr-124021401787_1.html

Is Swiggy doing an IPO soon? Will their price be defined based on Zomato’s trading price?

Analyst

Swiggy was valued at $10B a couple of months back. Good luck employees waiting for ESOP buy-back in July 2023. Your shares are now worth half of what it used to be!

https://www.moneycontrol.com/news/business/invesco-cuts-swiggys-valuation-to-5-5-bn-2nd-markdown-in-4-months-10549051.html

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