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Swiggy Receives SEBI Approval for $1.25 Billion IPO, Increases Size to ₹5,000 Crore Amidst Intense Competition

Oct 3, 2024, 07:59 AM

Swiggy has received approval from the Securities and Exchange Board of India (SEBI) for a $1.25 billion initial public offering (IPO). The company plans to raise ₹3,750 crore in fresh capital and ₹6,664 crore through an offer-for-sale. Swiggy reported ₹5,476 crore in revenue and a ₹1,600 crore loss for the first three-quarters of FY24. Despite this, Swiggy's shareholders have given the nod to increase the IPO size to ₹5,000 crore, up from the initially planned ₹3,500 crore and 185.3 million shares. The IPO comes as Swiggy faces intense competition from Zomato's Blinkit and other quick commerce rivals. The IPO is expected to be one of the largest in India's tech ecosystem, but Swiggy still has a long way to go to catch up to its competitors.