SUMMARY
- IPO size increased from Rs 3,750 crore to Rs 5,000 crore.
- IPO total size could reach Rs 11,664 crore if fully upsized.
- Swiggy’s FY24 revenue surged by 36%, while losses narrowed by 44%.
Food tech giant Swiggy has received shareholder approval to increase the size of its IPO from Rs 3,750 crore to Rs 5,000 crore, following the Extraordinary General Meeting (EGM) on October 3. The decision adds an extra Rs 1,250 crore to the primary issue, if needed, while the Offer for Sale (OFS) component remains unchanged at Rs 6,664 crore.
Swiggy’s IPO is set to be one of the largest among new-age companies, with a potential value ranging from Rs 10,414 crore ($1.25 billion) to Rs 11,664 crore ($1.4 billion), should the company opt for a larger issue. This increase comes as Swiggy faces rising competition from rivals such as Zomato, Blinkit, Flipkart Minutes, and Tata BigBasket.
Despite the widening losses in Q1 FY25, Swiggy has narrowed the gap with Zomato in revenue growth. Swiggy’s FY24 revenue jumped 36% to Rs 11,247 crore compared to Rs 8,265 crore in FY23, while losses decreased by 44% to Rs 2,350 crore.
However, in Q1 FY25, Swiggy’s losses widened 8% to Rs 611 crore as it focused on growth, with expenses surging by 27% to Rs 3,908 crore.
