Swiggy, one of India’s largest food delivery companies and a major competitor to Zomato, has filed fresh Initial Public Offering (IPO) papers with SEBI, the Securities and Exchange Board of India.
This IPO is expected to generate significant market interest, as Swiggy plans to raise ₹3,750 crore through a fresh issue. Additionally, its promoters will be offering 18.5 crore shares through an Offer For Sale (OFS), giving investors a chance to buy into the growing food delivery business.
Founded in August 2014, Swiggy has become a key player in India's food delivery ecosystem, despite being a loss-making company. However, there is positive news on the financial front. Swiggy’s losses have reduced significantly from FY23 to FY24. In FY23, the company reported a staggering loss of ₹4,179.3 crore. By FY24, this loss was nearly halved, coming down to ₹2,350.2 crore, showcasing an improvement in its financial health.
The company’s revenue performance also tells an optimistic story. Swiggy's revenue surged by 33.5% in FY24, reaching ₹11,634.35 crore. This sharp rise in revenue signals Swiggy's growing dominance in the food delivery sector and its potential for future growth.
The IPO filing is seen as a strategic move to strengthen its capital base and fuel future expansion. With revenue soaring and losses shrinking, Swiggy appears to be positioning itself for a promising future, which could attract investor interest.
As Swiggy moves closer to becoming a public company, the big question for investors is: Would you consider investing in Swiggy’s IPO? With strong revenue growth and improving financials, this IPO could be one to watch closely. Let us know your thoughts in the comments below!