The largest shareholder of Swiggy, Prosus, has said that the food and delivery platform’s revenue grew 24 percent for the financial year 2023–24. Additionally, in its tenth year of operation, the company’s growth order value increased by 26 percent year over year. This is as per a report by the Economic Times. Currently, Prosus holds a 32.6 percent stake in the company.
Swiggy's active user base grew to 104 million by the end of December 2023, added Prosus. In its annual report, Prosus reportedly said, “Swiggy's core food delivery business, GOV, grew by double digits on healthy order growth and a higher average order value. Operating leverage improved as the business added revenue streams like restaurant advertising and introduced nominal platform fees, which supported improved operational profitability.”
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Prosus also stated that Swiggy's unit economics in quick commerce showed improvement due to increased basket sizes, a larger user base, and enhanced operational efficiency. The investor note reportedly said, “The quick-commerce business GOV grew much ahead of the ecommerce industry, led by geographical penetration and SKU (stock keeping unit) expansion.”
Recently, Swiggy confidentially filed its draft IPO paper with the Securities and Exchange Board of India (SEBI. Recently, the food delivery platform got approval from its shareholders for a $1.25 billion public issue.
While the Draft Red Herring Prospectus (DRHP) is available in the public domain under normal filing, it is kept confidential when a company files it through a confidential route.
Meanwhile, Prosus might be given the tag of a promoter in Swiggy’s upcoming IPO, as per the Economic Times. The other investors will be major investors in the IPO. Additionally, there will probably be at least $600 million in offers for sale by current investors in Swiggy's $1 billion IPO. Other major platforms that are aiming to go public are OlaElectric, Mobikwik, and FirstCry.
