E-commerce platform Swiggy has received approval from its shareholders for its initial public offering, according to a filing by the regulatory commission, as reported by the Economic Times.
The company aims to raise Rs 3,750 crore ($450 million) in fresh capital along with an offer-for-sale (OFS) segment of up to Rs 6,664 crore ($800 million), as mentioned to the Registrar of Companies.
Swiggy has not yet filed its IPO documents with the Securities and Exchange Board of India (SEBI). The company aims to raise around Rs 750 crore from anchor investors in its pre-IPO round, as per a report by the Economic Times.
As per the Economic Times report, the regulatory filing says, “...the consent and approval of the shareholders of the company be and is hereby according to create, issue, offer, allot, and/or transfer of its equity shares up to an aggregate of Rs 37,501 million by way of a fresh issue of equity shares and an offer for sale of such number of equity shares up to an aggregate amount of Rs 66,640 million by certain existing shareholders.”
The company is backed by shareholders such as Accel, Elevation Capital, Meituan, Norwest Venture Partners, Tencent, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Prosus, and others. With a 33 percent stake, Prosus is the largest investor in Swiggy.
Valuation
In March of this year, Baron Capital, an investor in Swiggy, increased the company’s valuation by $12.16 billion. In 2022, the company was valued at $10.7 billion. This was a post-money valuation after the company raised $700 million in a new funding round.
Invesco, another investor in Swiggy, also raised the company’s valuation to $12.7 billion. This was 18 percent more than the last valuation, where the company raised funds in 2022.
