Swiggy Files Draft Papers For IPO, Targets $10 Billion Valuation

• Swiggy has filed for an IPO with SEBI, aiming to raise Rs 3,750 crore through fresh equity shares and an OFS of up to 185,286,265 shares.
• Prosus plans to offload 63.8% of the OFS, with other investors like Accel, Alpha Wave Ventures, and Tencent also participating.
• Funds will be used to invest in Scootsy, expand dark stores, and enhance technology and cloud infrastructure.
• Swiggy reported a 36% revenue growth to Rs 11,247 crore in FY24 and a 44% reduction in losses to Rs 2,350 crore.
• The IPO will heighten competition with Zomato, which currently has a market cap of $29.5 billion.

Source: Entrackr