On November 13, 2024, Swiggy went public on the NSE at a price of INR 420, 7.69% higher than its IPO price of INR 390. At INR 412 on the BSE, it made its debut at a premium of 5.64%.
According to various published reports, the company’s listing is set to open up employee stock option plans worth INR 9,000 crore and propel the meal delivery company’s approximately 500 employees into the “crorepati” league. One of the biggest wealth-creation initiatives in India’s startup sector is expected to benefit 5,000 present and past employees of the Bengaluru-based company.
At a price of INR 390 per share, the highest price range of its initial public offering (IPO), which opened for subscriptions on November 6, Swiggy’s whole Esop pool is estimated to be INR 9,000 crore. Through the buyback of Esops in July of this year, the company has already provided its employees with cash totalling more than INR 500 crore.
Exemption from Lock-In
Swiggy obtained a one-year lock-in period exemption from the Securities and Exchange Board of India (Sebi) in July of this year. This exemption would also enable Swiggy’s employees to sell shares one month following the initial public offering (IPO), increasing their opportunities to build wealth. Over the years, e-commerce giant Flipkart, one of the largest wealth producers in the online economy, has carried out $1.5 billion in Esop buybacks in multiple tranches.
With its INR 9,375 crore IPO in July 2021, Swiggy’s fiercest rival Zomato, one of the first major domestic consumer internet businesses to go public, created 18 millionaires. About 350 employees, both current and past, became crorepatis at the time of Paytm’s first public offering (IPO) in November 2021. The main factor driving the 3.59 subscriptions to Swiggy’s public offering was institutional investors’ interest. For the IPO, the company had specified a price range of INR 371-390 per share.
Esop is Getting More Popular Among Indian Startups
Consumer internet companies are particularly affected by the Esop allocation tendency, which was first made well-known by IT services giants like Infosys. Before going public, these companies usually provide founders and top management with more stock options as incentives. However, as Swiggy has shown, the chance to create income for a larger group of workers can have a number of unintended consequences. Many of the recently graduated “crorepatis” frequently decide to launch their businesses alone. Spending on assets like real estate has also increased.
According to media reports, Swiggy has teamed up with several platforms to finance its employees’ conversion from Esop to stock; this is especially true since they will need to pay taxes before the stocks can be sold on the open market. Employee taxes will be charged to the difference between Swiggy’s current share price and the price at which the Esops were given at the conversion of the Esops.
Until the next hearing, the court barred Swiggy from alienating 24 of a former executive’s exercised stock options and 185.454 vested and unexercised stock options. Arun Cyril, Swiggy’s former assistant vice president, contested his “illegal” dismissal from the foodtech firm and the ESOPs that followed. Swiggy’s initial public offering (IPO) ended on 8 November 2024, with the public offering being oversubscribed 3.59 times on the last day.
For the time being, until the next hearing, a Bengaluru civil court has barred foodtech giant Swiggy from alienating or “creating any charge” on more than 200 stock options owned by a former executive who was fired by the business earlier this year. According to the court’s order dated November 7, defendant No. 1 company (Swiggy) and its directors are prohibited from establishing any charges, interests, or alienating 185.454 vested and unexercised stock options and 24 exercised stock options of the plaintiff until the next hearing date. The next hearing in the case is scheduled for November 23 by the court.
What Lead to Court’s Intervention?
Arun Cyril, the former assistant vice president of Swiggy’s contact centre operations, petitioned for the directives earlier this year.
Cyril, who spent over ten years working at the foodtech major from 2015 to 2024, contested his “illegal” layoff and the company’s subsequent cancellation of his employee stock option plans (ESOPs) in the plea. Swiggy and its rival Zomato were found guilty of violating antitrust regulations and giving preference to specific restaurant chains listed on their platforms, according to a report by a media house earlier today.
In addition, on November 6, the Delhi High Court sent notice to Swiggy and the Competition Commission of India (CCI) regarding a plea submitted by the National Restaurant Association of India (NRAI), contesting the exclusion of the trade association from a confidentiality ring established by the watchdog to investigate purportedly anti-competitive actions by Zomato and Swiggy.
Swiggy’s IPO
Among all of these, Swiggy’s initial public offering (IPO) closed recently, with the deal oversubscribed by 3.59X on the last day. In contrast to the 16.01 Cr shares available, the IPO got bids for 57.53 Cr shares, with qualified institutional investors (QIBs) accounting for the majority of these bids. The IPO consists of an offer for sale (OFS) of 17.5 crore shares and a new issue of shares valued at INR 4,499 crore. For the public offering, Swiggy has specified a price range of INR 371 to INR 390 per share. On November 5, before the issue was made available for public subscription, Swiggy obtained INR 5,085 Cr from anchor investors. On November 13, its shares are now scheduled to go public.
Swiggy’s first quarter (Q1) of the fiscal year 2024–25 (FY25) saw a combined net loss of INR 611 Cr, up more than 8% year over year (YoY). During the reviewed quarter, operating revenue increased 35% year over year to INR 3,222.2 Cr.
More than 75 anchor investors have contributed about INR 5,085 crore (about $600 million) to Swiggy, one of the top food and grocery delivery services in India. The Bengaluru-based business, which rivals Zomato, which is run by Deepinder Goyal, revealed the investment in a stock exchange filing on 5 November 2024.
Specifications of the IPO: Scale and Composition
The INR 11,327.43 crore Swiggy IPO consists of a primary issuance as well as a secondary offering by current shareholders. The secondary offering, also known as the Offer for Sale (OFS), is worth INR 6,828 crore, while the primary issue, or fresh money raise, is worth INR 4,499 crore.
Second only to Zomato’s public debut in 2021, this IPO is anticipated to be among the biggest in India this year and among the largest in the food technology sector. Swiggy wants to be valued at INR 87,300 crore ($11.3 billion), which is at the upper end of the pricing range of INR 371-390.
Important Investors and Allocation Information
Swiggy’s anchor segment has been supported by a wide range of domestic and foreign investors, with a sizable percentage of the shares going to Indian institutions. SBI Mutual Fund, Kotak Mutual Fund, HDFC Life, and Axis Mutual Fund are examples of domestic investors.
By indicating strong institutional backing, the anchor allocations are intended to stabilise the IPO and perhaps draw in more retail and non-institutional investors.
Evaluation and Financial Performance
Swiggy has prioritised expansion, as seen by its most recent financial reports, which show notable advancements. Swiggy reported revenue of INR 11,247 crore for FY24, up 36% from INR 8,265 crore for FY23.
In comparison to the prior fiscal year, losses also significantly decreased, falling 44% to Rs 2,350 crore. The business’s future growth, especially in its network of dark stores, as well as investments in marketing, technology, and possible acquisitions, will be financed by the IPO proceeds from the main issue.
In an attempt to fortify its position against its main rival, Zomato, which has a market worth of INR 2.1 trillion, or INR 2.18 lakh crore (as of November 6, 2024), Swiggy has entered the public market.
Current Anchor Book Investors
Notable international investors that have made anchor book investments in the company include New World Fund, Fidelity, Omnis Portfolio Investments, Nomura, Government Pension Fund Global, PGGM World Equity, Blackrock, Carmignac, Eastspring Investments, Citigroup, TOCU Europe, Integrated Core Strategies, CLSA, Matthews Asia Funds, and Societe Generale.
ICICI Prudential Mutual Fund, Kotak Mahindra AMC, SBI Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Trustee, 360 ONE, Mirae Asset, Nippon Life India, Bandhan Mutual Fund, Invesco India, Motilal Oswal Mutual Fund, Sundaram MF, Tata MF, UTI Mutual Fund, DSP India Fund, Ashoka Whiteoak, Baroda PNB Paribas, Helios MF, and Avendus were among the domestic institutional investors that took part in the anchor book.
Do you wish to have a delicious bite of blueberry cheesecake in the middle of the day at work or a hearty biryani meal for lunch?
Moving out of your house, facing the relentless traffic, unending queues at restaurants and cafes, waiting for your order, etc., sounds demotivating as always. They were some of the major hindrances between a person and his/her food. However, things have changed since August 2014.
Yes, with the birth of Swiggy, ordering food has been revolutionized in India; it has become as easy as one wants it to be.
With the launch of Swiggy, often dubbed as one of India’s fastest-growing companies, ordering food at home, office, or even while throwing a party seems like a breeze. Swiggy is a hyper-local food delivery application founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in Bengaluru’s neighborhood, Koramangala. Swiggy has been quite popular even in its early days; it witnessed an exemplary expansion and is carrying on its successful legacy till now!
Here’s more about Swiggy, its Founders and team, Startup Story, its vision and mission, its Business and Revenue Model, Funding and investors, Growth, Competitors, Challenges, Awards and Recognition, and more.
Swiggy is a food delivery platform at its core, the services of which can be accessed from Android and IOS devices, and through the website. It partners with a wide range of restaurants and provides easy access to diverse food dishes from varying cuisines. Furthermore, it also accepts feedback and ratings from the customers that help others pick their restaurants and choices of dishes wisely.
As soon as a delivery is done, the customer is entitled to give feedback, and rate the food, and the delivery services. This insightful feedback guarantees that Swiggy keeps up its quality standards and that the user experience is always being improved.
A Statista report analysis indicates that the Indian online food delivery business is expected to develop significantly, with an anticipated revenue of US $43.78 billion by 2024. The sector exhibits strong potential for progress, as evidenced by the astounding 16.14% annual growth rate (CAGR 2024-2029) that this surge represents.
The market size is expected to reach US $92.50 billion by 2029, highlighting the enormous potential in India’s rapidly expanding online meal delivery sector. This prediction emphasizes how changing customer tastes and technology breakthroughs are changing the face of the food sector and leading to a greater dependence on digital platforms for meal delivery services.
Swiggy – Founders and Team
Lakshmi Nandan Reddy, Rahul Jaimini, and Sriharsha Majety (CEO and Co-Founder) founded Swiggy in 2014.
Lakshmi Nandan Reddy, Rahul Jaimini, and Sriharsha Majety (CEO and Co-Founder) are Co-Founders of Swiggy (Left to Right)
Sriharsha Majety
Sriharsha Majety is the CEO and Co-Founder of Swiggy. He had completed a B.E in Electrical and Electronics along with an M.Sc in Physics from BITS Pilani in the year 2008. Sriharsha then went to study the CFA program at the CFA Institute and managed to complete level II of the program.
After this, he considered enrolling for an MBA in Finance and chose IIM, Calcutta, from where he graduated in 2011. Before Swiggy, Majety worked as the recruitment coordinator for IIM and was also a part of the rates trading Desk in London at Nomura International. In the year 2013, he co-founded Bundl Technologies Pvt Ltd along with Nandan Reddy, which became the cradle for Swiggy.
Lakshmi Nandan Reddy
Lakshmi Nandan Reddy is the Co-Founder of Swiggy. He is also a BITS Pilani alumnus, who pursued M.Sc from the same college and completed it in 2010. Reddy worked as the head of the operations of social media at SourcePilani, the first BPO for rural India, for about 2 years. He was the founding partner of Zurna, a restaurant in Hyderabad, after which he co-founded Bundl, which later on led to Swiggy.
Rahul Jaimini
Rahul Jaimini, who worked as a Senior Software Engineer at Myntra, joined Majety and Nandan to build the application for Swiggy. Rahul completed a Dual Degree from IIT Kharagpur in Computer Science & Engineering in 2010. He has also worked for companies like Philips Research and Netapp. Jaimini left the organization in May 2020 and Co-Founded Pesto Tech.
Swiggy operates with 1,001 – 5,000employees as per LinkedIn.
Swiggy – Startup Story
Swiggy wasn’t started as a food delivery business. Yes, you might hear this for the first time, but it is how it is. Sriharsha spent over 6 months cycling across Europe with a business idea in 2013. The first idea that struck his mind was that of a backpacking chain of hostels that would help foreigners when they look to visit India.
In the same year, Sriharsha and Nandan came together to build a company that would empower courier services across the country and would stand as a logistics solution. They named it Bundl Technologies Private Limited. However, Bundl did not turn out successful and forced the founders to shut down the business in 2014. Following its failure, Majety began his research and discovered much potential in the food industry. This led to the birth of Swiggy, an online food delivery company. They met Rahul Jaimini, who helped them build the software, and the company was finally founded in August 2014.
When Swiggy came to the market, the food delivery sector already had applications like Foodpanda, Tinyowl, and Ola Café. Foodpanda and Tinyowl were later acquired by Ola Cabs and Zomato respectively, and Ola café was eventually shut down, just barely a year old. While all these companies struggled, Swiggy started in 2014 with 6 delivery boys providing food from 25 restaurants, and at the end of its first year, in March 2015, the company served 1 million orders per month. This is how the journey started for the food tech giant.
Swiggy – Mission and Vision
The mission on the company’s website states “Our mission is to elevate the quality of life for the urban consumer with unparalleled convenience. Convenience is what makes us tick. It’s what makes us get out of bed and say, “Let’s do this.”
The Swiggy Vision is “to be the leading local service provider in India. By offering a wide range of service alternatives, they hope to redefine ease for all users and become the country’s easiest and most accessible platform.”
Swiggy – Name and Logo
Swiggy Logo
Swiggy parent company is “Bundl Technologies Private Limited.”
Swiggy – Products and Features
Swiggy has launched many products and features. Some of the features are:
Swiggy Photoshoot: To improve the visual attractiveness of restaurant menus, Swiggy introduces an AI-based solution on November 8, 2023
Swiggy Introduces Learning Station: To offer customized content for restaurant partners’ growth, Swiggy Presents Learning Station on September 13, 2023
The Swiggy Moonlighting Policy permits delivery employees to work regular jobs in addition to extracurricular activities on August 24, 2023
Swiggy Menu Score Tool, which provides restaurant partners with data-driven recommendations to increase conversions in 2023
Co-branded credit cards were introduced by Swiggy in collaboration with Mastercard and HDFC Bank to improve customers’ purchasing experiences on July 26, 2023
Swiggy WhatToEat function, which allows users to browse meal options according to their appetites and moods on July 2023
With the launch of Swiggy Mini, fee-free product sales are now possible throughout India on April 2023
Swiggy Launchpad: Offering new restaurant partners a commission-free first month, Swiggy Launchpad is live as per the news report of March 2023
Swiggy Dine Out Offers: Providing millions of Swiggy users in 24 cities with discounts at over 18,000 restaurants in February 2022
Swiggy Extends Cloud Cooking Business: To open restaurants in new areas, Swiggy is extending its Cloud Kitchen program in July 2022
Swiggy Affiliate Program: Offering a lucrative affiliate program to people who send Swiggy customers
Swiggy – Business Model
Swiggy has established itself as a major participant in the hyperlocal on-demand food delivery market by using state-of-the-art technology to link consumers with their preferred restaurants and vital suppliers. With a large selection of eateries and retail establishments including extensive menus and pricing, the platform provides a one-stop shop for consumers looking for convenience and diversity.
In addition to delivering food, Swiggy also offers services for buying groceries and other requirements, which strengthens its value proposition and meets a range of customer demands. Swiggy’s operations revolve around crucial tasks like overseeing payment and delivery procedures, establishing alliances with nearby businesses, and orienting delivery providers and suppliers to guarantee smooth transactions and effective services.
Swiggy’s client segmentation demonstrates its flexibility and dedication to satisfying changing customer needs. It serves a range of consumer demographics, such as those who enjoy the ease of placing orders from home, look for hassle-free online shopping, or depend on delivery services for their purchases.
Enabled by a strong technological infrastructure, a large network of local partners, and a specialized delivery fleet, Swiggy maintains its dedication to efficiency, dependability, and client happiness. Swiggy is a leader in hyperlocal delivery, and it will continue to improve the overall consumer experience by offering unmatched convenience and flexibility with features like unconstrained ordering, easy online payments, and a variety of payment options.
Swiggy has expanded its streams of revenue throughout the years. Here are some prominent streams that the company currently draws its revenue from:
Delivery charges
Customers are Swiggy’s main source of income. A little delivery cost is charged by the business, and it goes up based on the overall amount of the order. Moreover, Swiggy frequently increases the fees during periods of exceptional weather or excessive demand.
Commissions
The commissions that Swiggy gets are a significant source of income for the company. These commissions are gathered from the eateries to produce sales leads and use Swiggy’s fleet to deliver the food.
Advertising
Swiggy also earns some revenue with:
Banner Promotions – Swiggy encourages restaurants to promote their brand via display ads on its app. This helps all the restaurants that are partnered with Swiggy from different regions, to receive considerable visibility against the payments they make.
Priority listing of restaurants – Swiggy has an option for priority listing and in them, the company includes select restaurants against premium rates. A restaurant has to pay more if it wants to be displayed ahead of its peers.
Platform Fees
Swiggy is also earning revenue from platform fees, which started in April 2023 in cities like Bangalore, Hyderabad, and Chennai. They are charging Rs. 2 as a platform fees for every order.
Swiggy Access
Produces income by renting out fully functional cooking areas to restaurant partners, allowing them to grow into new neighborhoods. Swiggy Super Memberships: Offers members advantages like priority issue resolution and spike price-free orders in exchange for a subscription-based income stream.
Swiggy Go
Expand revenue sources by generating a new revenue stream for the business by providing quick package pick-and-drop services.
Instamart
Produces income via expedited grocery delivery, guaranteeing prompt delivery and meeting clients’ urgent requirements.
Swiggy Genie
Makes money by charging for on-demand pick-and-drop services for a range of products, giving consumers convenience and making money from the delivery process.
Swiggy Bazaar
To enter the social commerce space, Swiggy intends to make money by offering fresh farm produce and food FMCG on its platform.
Affiliate Income
Increases sales for the partner company and brings in money by collaborating with financial institutions to provide clients discounts when they use their credit and debit cards.
Swiggy has demonstrated its dedication to rewarding its employees through its Employee Stock Ownership Plan (ESOP) liquidity program since 2021. With a start date of June 2022 and a value of $23 million, the first tranche offered benefits to about 900 workers.
With this initiative, Swiggy is demonstrating its commitment to recognizing and rewarding its workforce—it has held four liquidity events since 2018. Building on this momentum, Swiggy further demonstrated its dedication to employee engagement and retention when it announced that the second phase of its ESOP liquidity program will be with a total investment of $50 million as per the news report of July 2023.
Swiggy – Challenges Faced
Swiggy has faced numerous difficulties since its founding, some of which are carried over from Bundl. Swiggy deals with a plethora of challenges every day, ranging from making sure the app runs smoothly to managing relationships with restaurants and delivery partners and skillfully negotiating revenue channels while responding to unfavorable reviews.
Notably, the platform experienced labor unrest when delivery executives went on strike in Bangalore and Mumbai, demanding better pay and working conditions. The untimely demise of a Swiggy delivery worker in Hyderabad brought attention to the dangers of the profession.
Swiggy had unheard-of challenges during the COVID-19 outbreak, but the company quickly adjusted, putting in place safety precautions for its employees and enduring layoffs. Swiggy was also forced to temporarily halt Swiggy Genie operations and reduce services like Supr Daily due to operational difficulties. Despite these difficulties, Swiggy’s fortitude is evident as it works to overcome setbacks and advance in the very competitive food technology market.
Swiggy – Funding and Investors
Swiggy has seen a total of $3.8 billion worth of funding over 19 rounds.
Swiggy raised INR 5,085 crore from anchor investors ahead of Its IPO launch on November 5, 2024. Over 75 investors, including BlackRock, Fidelity, Nomura, BNP Paribas, and Allianz Global, invested in the anchor portion of Swiggy’s IPO.
Amitabh Bachchan’s family office has purchased a small stake in Swiggy by buying shares from the company’s employees and early investors, according to sources. Raamdeo Agrawal, chairman of Motilal Oswal Financial Services, has also invested in Swiggy, as quick-commerce companies are currently seeing a surge in fundraising. Additionally, Hindustan Composite’s board has agreed to buy 1,50,000 equity shares in Swiggy, investing INR 5.17 crore, as per a disclosure made through the National Stock Exchange (NSE).
Date
Stage
Amount
Investors/Shareholders
October 28, 2024
Secondary Market
$200M
–
September 18, 2024
Secondary Market
₹30M
–
August 28, 2024
Venture Round
–
Amitabh Bachchan’s Family House
August 2, 2024
Funding Round
–
Manu PS
January 24, 2022
Venture Round
$700 million
Invesco
July 12, 2021
Series J
$450 million
SoftBank Vision Fund 2, Accel Partners, Prosus
April 5, 2021
Series J
$800 million
Falcon Edge Capital, Prosus Ventures
May 19, 2020
Venture Round
$1.9 million
–
April 6, 2020
Series I
$43 million
–
February 19, 2020
Series I
$113 million
Prosus Ventures
December 20, 2018
Series H
$1 billion
Prosus Ventures
June 21, 2018
Series G
$210 million
Prosus Ventures and DST Global
February 8, 2018
Series F
$100 million
Prosus Ventures
May 30, 2017
Series E
$80 million
–
January 1, 2017
Debt Financing
$5 million
–
Swiggy – Investments
Swiggy has made a total of 7 investments to date.
Here’s the list of the Swiggy investments:
Date
Company Name
Funding Round
Lead Investor
Deal Value
December 22, 2023
kitchens@
Series C
$65 million
October 4, 2023
Altitude Club
Pre Seed Round
$500K
April 17, 2022
UrbanPiper
Series B
No
$24 million
April 15, 2022
Rapido
Series D
Yes
$180 million
February 22, 2021
Fingerlix
Series C
No
$2.57 million
February 1, 2021
Maverix Platforms
Series C
No
$200 million
April 7, 2020
Fingerlix
Series C
No
$1.9 million
February 26, 2019
Fingerlix
Series C
Yes
$4.4 million
Exit
Swiggy has exited from Fingerlix.
Swiggy – Acquisitions
Swiggy has acquired 6 companies to date.
Here’s a glimpse at all the companies that Swiggy has acquired:
Name of the Acquired Company
Date of Announcement
Cost of Acquisition
LYNK Logistics
Jul 13, 2023
–
Dineout
May 13, 2022
$200 million
Kint.io
February 4, 2019
–
Supr Daily
September 1, 2018
–
Scootsy
August 2, 2018
$8 million
48East
December 13, 2017
–
Swiggy – Growth
Swiggy Growth Highlights are:
It has 1,50,000+ restaurant partners countrywide as of April 2024
It has 2,60,000+ delivery executives as of April 2024
It has a presence in 500+ cities inPAN India as of April 2024
The valuation of Swiggy is $12.7 billion as per news report of April 9, 2024
Swiggy Financials FY24
Swiggy reported a 36% rise in operating revenue to INR 11,247 crore in FY24 ahead of its IPO and reduced its losses by 44% to INR 2,350 crore. Swiggy’s total expenses rose from INR 12,884 crore in FY23 to INR 13,947 crore in FY24.
Swiggy Financials FY24
Swiggy Financials
FY23
FY24
Operating Revenue
INR 8265 crore
INR 11247 crore
Total Expenditure
INR 12884 crore
INR 13947 crore
Procurement Costs
INR 3381 crore
INR 4604 crore
Employee Benefit Expense
INR 2130 crore
INR 2012 crore
Advertising Expense
INR 2501 crore
INR 1851 crore
Delivery & Related Charges
INR 1694 crore
INR 1637 crore
Net Loss/Profit
INR -4179 crore
INR -2350 crore
Swiggy – IPO
Swiggy plans to raise INR 5,000 crore through its upcoming IPO and will ask shareholders for approval at an EGM on October 3, 2024. For the year ending March 31, 2024, Swiggy saw a 36% growth in operating revenue and reduced its net loss by 44%. The company had earlier aimed to raise INR 3,750 crore in fresh funds and an INR 6,664 crore offer for sale. However, the final size of the IPO may change from what it is currently asking shareholders to approve. Swiggy opened its IPO on November 6, 2024, with allotment scheduled for November 11. Swiggy’s IPO listing date is scheduled for November 13.
As of October 2024, Swiggy has reduced its valuation by 10-16% to around $12.5-13.5 billion for its upcoming IPO because of recent market fluctuations. According to Reuters, Swiggy made this move in response to volatility in the Indian stock markets, aiming to ensure that investors who bid during the IPO have strong potential for returns.
Swiggy – Campaigns
Swiggy Campaign
“Sharma Ji Ki Beti,” Swiggy Dineout’s campaign, aims to change Indian customers’ dining-out experiences. The campaign, which was created by Toaster India, fits in with Swiggy Dineout’s strategic aim to raise its profile during one of the company’s yearly flagship events, the Great Indian Restaurant Festival (GIRF).
With this innovative campaign, we hope to challenge the norms around dining out and provide consumers across the country with a remarkable dining experience.
Swiggy is aiming for a valuation of about $15 billion in its upcoming stock market debut, where it plans to raise $1-1.2 billion as per the sources. As of October 24, 2024, Swiggy has reduced its valuation by 10-16% to around $12.5-13.5 billion for its upcoming IPO due to recent market fluctuations. If successful, it would be one of the largest Indian initial public offerings (IPOs) this year.
Swiggy formally became a public company on April 8, 2024. The company’s status with the Registrar of Companies has been updated after a resolution adopted by its board of directors. This update represents a significant step towards the company’s definitive initial public offering (IPO) plan, which is slated to take place in the second half of this year. The holding company’s name has been changed from Swiggy Private Limited to Swiggy Limited as part of this transformation, reflecting its development as a publicly traded company.
After reaching this momentous milestone, Swiggy hopes to take advantage of its newfound prominence and start growing and expanding to fully utilize the enormous potential of the public markets. This calculated action highlights Swiggy’s dedication to seizing fresh opportunities, increasing shareholder value, and reaffirming its position as the industry leader in rapid commerce and food.
FAQs
Who is the founder of Swiggy?
Rahul Jaimini, Sriharsha Majety, and Nandan Reddy are the founders of Swiggy, who founded the company in 2014.
What is Swiggy?
Swiggy is a food delivery platform at its core, the services of which can be accessed from Android and IOS devices, and through the website. It partners with a wide range of restaurants and provides easy access to diverse food dishes from varying cuisines.
Which is Swiggy’s parent company?
Swiggy parent company is Bundl Technologies Private Limited.
What is Swiggy tagline?
Swiggy has many taglines depending on its campaigns but the tagline “No Order Too Small” brought it a recognition from Star Re. Imagine Awards.
What is mission and vision of Swiggy?
Swiggy mission states,“Our mission is to elevate the quality of life for the urban consumer with unparalleled convenience. Convenience is what makes us tick. It’s what makes us get out of bed and say, “Let’s do this.”
Swiggy Vision is “to be the leading local service provider in India. By offering a wide range of service alternatives, they hope to redefine ease for all users and become the country’s easiest and most accessible platform.”
What is Swiggy’s Customer Care Number?
Swiggy focuses on dealing with a bunch of customer queries with its comprehensive chat support instead of attending to a bunch of customers and keeping them waiting on their phone lines. With Swiggy’s easy chat support, a customer just needs to initiate a chat and initially answer the bot, which later redirects them to real advisors who solve their queries. Furthermore, the customers can also drop their issues at support@swiggy.in.
How did Swiggy start?
Swiggy was started by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, an IIT Kharagpur alumni who agreed to code for the platform. The company was founded in 2014, in Koramangala, Bangalore.
Is Swiggy running in loss?
Food delivery giant Swiggy (Bundl Technologies Private Limited) has reported its revenues for the financial year 2023 at Rs 8264.6 crore, an increase since the last financial year. The company further reported a net loss of Rs 4,179 crore. Though the losses have increased from Rs 3,629 crore, which Swiggy witnessed in FY22, Swiggy is certainly running in losses!
How can a restaurant partner with Swiggy?
A restaurant can simply mail Swiggy at partnersupport@swiggy.in and follow all the instructions.
Is there a minimum order value for ordering at Swiggy?
The short answer is No. If you want to order at Swiggy, you can do it without any further worries about any minimum order value that you must maintain.
What is the Swiggy affiliate program?
The Swiggy affiliate program is an initiative of Swiggy, which lets Swiggy users stand a chance to earn the highest payout.
What is the Swiggy Instamart website?
Swiggy Instamart doesn’t have a new website. However, if the users want to visit Swiggy Instamart on the Swiggy website, then they just need to go to the Instamart section of the website.
What are some Swiggy alternatives?
Some of the Swiggy alternatives are:
Zomato
DoorDash
GrubHub
Postmates
Deliveroo
Faasos
Box8
Is Supr Daily acquired by Swiggy?
Supr Daily, a milk delivery startup in Mumbai, was acquired by Swiggy in September 2021.
Various media reports cited that food delivery giant Swiggy intends to list at a valuation of $11.3 billion for its forthcoming IPO. Listing at a higher valuation of $15 billion or more was the previous goal. However, Swiggy has cut its IPO valuation target in order to increase the participation of individual investors and because of the current volatility in the Indian stock market.
The most recent private market valuation was $10.3 billion at the time Invesco invested. After November 6, 2024, the Swiggy IPO issue is scheduled to open for subscriptions. The book is anticipated to be anchored by about 30 foreign investors. However, the company has not yet released any official statement on these published media reports.
Swiggy’s Listed Competitors in the Midst of Volatile Markets
Zomato and Swiggy are rivals in India’s online restaurant and cafe meal delivery market. Both have placed significant wagers on the recent “quick commerce boom,” which promises 10-minute delivery of groceries and other goods.
Due to high valuations, ongoing withdrawals of foreign funds, and geopolitical issues, the Indian stock market is currently experiencing a downturn. A widespread selloff occurred when the local equity indexes, the Nifty 50 and Sensex, recorded their longest weekly losing streak in 14 months. Just a few days before Diwali and the start of Samvat 2081, indexes plunged into a bear market due to the atmosphere being further dampened by lacklustre corporate earnings.
The stock price of Zomato saw a significant correction in the present market conditions. Zomato’s stock price was INR 265.70 on the BSE on October 21. The new-age internet stock fell more than 5% over the week, plunging to INR 253.85 on the BSE in five consecutive trading sessions.
At INR 2,24,310.54 crore, Zomato’s market capitalisation is higher than Swiggy’s anticipated $11.3 valuation. With additional revenue sources from its B2B hyperpure business and Blinkit, Zomato’s food delivery service accounts for 46.17 percent of its total revenue. Its service portfolio has been further expanded with the recent acquisition of Paytm’s ticketing division.
The Specifics of Swiggy’s IPO
Supported by Prosus and SoftBank, Swiggy is anticipated to go public on the stock exchanges in November 2024. Beginning on October 30, the massive online meal delivery company intends to do roadshows for its stock offering in numerous Indian cities. According to the revised draft red herring prospectus-I (UDRHP-I), the proposed IPO entails the sale of 18.52 crore equity shares held by current shareholders through an offer-for-sale (OFS) and the issue of new equity shares valued at INR 3,750 crore.
Swiggy is contemplating a pre-IPO round to raise money, and if it is successful, the new issuance’s size will be modified appropriately. There are sections of the IPO dedicated to mutual funds, anchor investors, and qualified institutional buyers (QIBs). With a third of the allocation reserved for bids applying for between INR 2 and INR 10 lakh and the remaining portion for those applying for more than INR 10 lakh, non-institutional buyers will also have options.
According to multiple media sources, the Indian food delivery giant Swiggy is lowering its target by 10–16% because of market volatility, with the business aiming internally for a corporate valuation of $12.5 billion–13.5 billion for its impending IPO.
Prior to this week’s launch by Hyundai India, Swiggy was aiming for a $15 billion valuation for its $1.4 billion November IPO, which will rank as the nation’s second-largest stock offering of the year. Due to recent market volatility and a decline in Indian stock markets, reports further highlighted Swiggy’s consideration of a lower valuation to ensure that bidders leave “a lot of value on the table.”
Hyundai India’s Flop Debut Triggered Restructuring of IPO Launch
Due to sustained foreign selling, India’s benchmark Nifty 50 index has fallen 7.15% from record high levels reached on September 27 and is on track to post four consecutive weeks of losses.
Hyundai India’s shares experienced a 7.2% decline on their market debut on 22 October due to a lacklustre response from retail investors, who were concerned about the company’s high valuation and the potential for an auto industry downturn. According to additional reports, Swiggy is anticipated to list on the Mumbai stock exchange on November 13 and begin accepting subscriptions for its first public offering the week prior, but the exact date may vary.
India’s IPO Market
India’s initial public offering (IPO) industry has been booming despite recent tremors; over 270 firms have raised $12.57 billion so far this year, surpassing the $7.4 billion raised in 2023. Swiggy intends to begin holding roadshows for its stock offering in numerous Indian cities on October 30.
In India’s online restaurant and cafe food delivery market, Swiggy and Zomato are competitors. Both companies have placed significant bets on the so-called rapid commerce boom, which promises to deliver groceries and other goods in ten minutes. Swiggy was valued at $10.7 billion in its most recent fundraising round, which was led by Invesco in 2022.
Enticing Factors of Swiggy’s IPO
Swiggy’s IPO might present investors with a potential bargain given the unpredictability and recent declines of Indian markets. Given the escalating competition with Zomato and the rapidly evolving quick commerce landscape, the company’s strategic pricing aims to capitalize on the current market conditions and present a lucrative opportunity amidst a cautious market attitude.
One of the year’s most anticipated public offerings is Swiggy’s eagerly expected IPO. Investors hold high expectations for Swiggy, especially considering its potential for profitability following the successful stock market launch of its rival Zomato.
Swiggy intends to invest INR 982.4 crore to support lease and licence payments as well as the expansion of its network of dark stores for the rapid commerce segment, according to its Updated Draft Red Herring Prospectus (UDRHP). With a fresh issue valued at INR 3,750 crore and an offer for sale (OFS) exceeding INR 6,500 crore, the IPO is anticipated to generate approximately INR 10,000 crore.
According to the company’s pre-listing prospectus, Swiggy, a food and grocery delivery service that is about to make its first public offering (IPO), gave its founders and senior management $271 million in employee stock options as part of its most recent stock-based compensation plan, which was implemented in April of this year.
Sriharsha Majety, founder and group chief executive officer of the Bengaluru-based company, has been allocated nearly $200 million worth of this stock. The remaining sum was given to food marketplace CEO Rohit Kapoor, cofounders Nandan Reddy and Phani Kishan Addepalli, chief financial officer Rahul Bothra, chief technology officer Madhusudhan Rao, and recently hired Swiggy Instamart CEO Amitesh Jha.
How This Esop Will Benefit Majety?
Majety, who, on a fully diluted basis, owns 6.23% of the company, may receive an extra 2.2-2.5% interest from the additional Esops awarded under the 2024 programme. Through the offer for sale (OFS) portion of the IPO, he will be selling a share valued at $7.5 million. Majety and Reddy traded Swiggy shares through secondary trades between July and September. Reddy sold shares for $12 million, while Majety offloaded a stake valued at almost $23 million.
While Kapoor, who has been with the firm since August 2022, was given stock options worth $9.8 million under the most recent Esop plan, Jha, who joined Swiggy in September from the online retailer Flipkart, was given options worth $13.3 million. In the most recent Esop scheme, Swiggy’s top human resources officer, Girish Menon, was also given $8.6 million worth of stock options.
Esop 2024 Scheme
As per the Esop 2024 scheme, the stock options granted to the senior management of the firm have a vesting term ranging from 1 to 8 years from the date of issue. Following the public listing, any fluctuations in the company’s stock price may also have an impact on how much the issued stock rewards are valued.
Founders and senior management are often given additional stock options by companies as a means of encouraging them to perform well prior to going public. In consumer internet companies, where founders witness a significant diluting of their interests over multiple fundraising rounds, this pattern is particularly common.
Swiggy filed regulatory documents with the Securities and Exchange Board of India (Sebi) in April for its $1.25 billion initial public offering (IPO) via the regulator’s confidential filing process. With Sebi’s permission, it filed an amended draft prospectus in September.
The offering’s initial $450 million fresh issue component, however, may be increased to $600 million. Top Swiggy investors to take part in the OFS portion of the deal, in addition to Majety and Reddy, are Prosus, Norwest Venture Partners, Elevation Capital, Accel, Coatue, and Alpha Wave Global, which is the company’s largest shareholder.
The draft red herring prospectus (DRHP) was submitted to SEBI, the markets regulator, by food aggregation and grocery delivery platform Swiggy on 26 September 2024. Through a new offering, the company hopes to raise INR 3,750 crore.
The IPO combines a new issue with an existing investor’s offer to sell 185,286,265 shares. A large number of investors are liquidating some of their holdings, including Accel, Tencent, Elevation Capital, and Norwest Venture.
Several media reports suggest that the corporation might opt to augment the fresh issue component by INR 5,000 crore, thereby increasing the total allocation for new issues to INR 11,600 crore. The firm will make this decision during an EGM, likely to occur during the first week of October.
Prosus owns 32 percent of Swiggy, while SoftBank and Accel have separate shares of 8 and 6 percent. Other investors in the company include Singapore’s GIC, Elevation Capital, DST Global, Norwest, Tencent, and Qatar Investment Authority (QIA).
How Company Will Be Utilizing the Investments?
The revenues of the IPO, according to the DRHP, will be utilised to fund the company’s organic expansion, to develop its dark store network for its rapid commerce sector, to invest in technology and cloud infrastructure, and to expand its subsidiary Scootsy.
As of June 2024, the company had achieved a significant milestone with 112.7 million transacting users.
Consolidated operating revenue for Swiggy in FY24 was INR 11,247.4 crore, up 36% year over year. During the same time frame, losses have decreased by half. The combined gross order value (GOV) for B2C transactions in Q1 FY25 was INR 10,189.5 crore.
Swiggy’s Updated Market Performance
Over 150,000 restaurants in India are partners of Swiggy, an Indian startup founded in 2014. With deficits of INR 2,350 crore in FY24, Swiggy effectively reduced its losses by 43%, mostly due to the explosive development of the quick commerce and food delivery segments.
Operating revenue increased significantly by 36%, reaching INR 11,247 crore. In one month, 14.3 million customers transacted with the company’s consumer-facing business, which includes dining services, Instamart, and food delivery, generating a gross order value (GOV) of INR 35,000 crore.
Game On – Indian Food Delivery Market
The food delivery market in India is a monopoly, with Swiggy and Zomato combined controlling over 90% of the market. Experts predict that it will reach a valuation of INR 2 lakh crore by 2030. Zomato went public in 2021, but Swiggy is expected to follow suit in the next few months. In January 2022, the organization conducted its most recent fundraising effort, valuing it at $10.7 billion. Nonetheless, bankers have stated in recent months that they are certain Swiggy may list with a valuation or market capitalization of between $10–13 billion.
In November 2023, Swiggy started preparing for its highly anticipated first public offering (IPO). There has been more activity on Swiggy in the secondary market since April. HNIs and family offices have purchased the company’s shares, valued between $9 and 9.3 billion during secondary market transactions.
In a possible deal involving its rapid commerce division under Instamart, Amazon India has reportedly approached Swiggy, which is preparing for an IPO, according to three people familiar with the situation. This news follows closely on the back of Swiggy’s secretly submitting draft documents with Sebi for an initial public offering (IPO) of INR 10,414 crore ($1.25 billion), one of the biggest for a modern digital company.
According to one of the sources mentioned earlier, “Amazon has swooped in with interest to either pick up a stake in the ongoing pre-IPO placement or a buyout proposal for Instamart… but there are multiple roadblocks at the moment.”
According to reports, there is currently no formal offer in place, and for the talks to progress further, the Seattle headquarters of Amazon will need to act quickly. According to these sources, the current offer structure is so complex that the preliminary conversations may not result in a transaction.
How Swiggy Is Placing Its Pricing Cards for This Deal?
Zomato, Swiggy’s main competitor, has a market valuation of about INR 1.9 lakh crore, therefore the former is probably going to undercut its rival by a significant margin. The fast food delivery services Swiggy and Zomato do not have their valuation. But in April, Goldman Sachs estimated that Zomato’s rapid commerce unit, Blinkit, was worth $13 billion.
The US eCommerce giant’s Indian division has reportedly been developing its rapid commerce program for months, which may explain why Amazon is interested in Swiggy’s Instamart. Since Amazon does not provide this service in any of its worldwide markets, they stated that launching a distinct sector for fast deliveries would necessitate global clearance.
To lower its shareholding of longtime backer Prosus, Swiggy has been selling secondary holdings in the private market for about $9 billion. This tech investor, who is South African and Dutch, now has 33% of the company and is reducing its holdings to less than 26% to avoid being considered a promoter when Swiggy goes public. Additionally, last week, the meal delivery service announced a $65 million ESOP buyback, providing liquidity to workers.
Why Similar Deals With Other Companies Didn’t Go Through?
It has been reported by several different media outlets that Flipkart attempted to get into a similar agreement with Swiggy; but, due to a mismatch in valuation between the two companies, no announcement was made. Swiggy had approached high-net-worth people and businesses such as WhiteOak, Motilal Oswal, Orchid Asia, Malabar, and Enam Group to sell its secondary stakes.
Business research firms 1Lattice and Datum Intelligence believe that the value of India’s eCommerce business increased by 18-20% in the first half of 2024, with food sales increasing by more than 38% due mostly to a dramatic surge in fast commerce. Quick commerce currently accounts for over 40% of all online grocery sales. Most notably, the top three saw a 230% increase in category growth from 2021 to 2023.
Swiggy, a trailblazer in food delivery and quick commerce, has strategically merged InsanelyGood with its Instamart grocery delivery service, marking a significant move before its anticipated Initial Public Offer (IPO).
The merger aims to increase investor confidence by improving efficiency and combining Swiggy’s food and grocery delivery services. This is particularly important in cities like Bangalore, where there’s high demand for fast service and fresh groceries delivered to doorsteps.
“InsanelyGood focuses on high quality assortment of groceries and has seen a tremendous amount of consumer love. Given the great traction, we plan on scaling this up to the entirety of Bangalore and will do this as a separate entry point on Swiggy Instamart,” said Swiggy Instamart Spokesperson in a statement.
Launched in August 2020, Swiggy Instamart is recognized as India’s leading quick commerce grocery service.
Currently, Swiggy Instamart operates in over 25 Indian cities, using advanced technology and a specialized delivery fleet to promptly deliver groceries and household essentials to customers’ doorsteps within minutes.
Swiggy’s integration of InsanelyGood into Instamart is part of its broader strategy to streamline operations and solidify its position in the rapidly expanding online grocery market.
With consumers increasingly favoring online ordering, especially for quick delivery of essential groceries, this move enhances Swiggy’s competitive edge in meeting evolving demands in the eCommerce and instant commerce sectors.
As per Statista, the Indian online food delivery market was USD 7.4 billion in 2023. The delivery market is expected to grow and reach USD 24 billion in 2026.
The projected revenue for the online food delivery market in India is estimated to reach USD 43.78 billion by 2024, with an anticipated annual growth rate (CAGR 2024-2028) of 16.95%. This trajectory is poised to elevate the market volume to USD 81.91 billion by 2028.
As Swiggy gears up for its IPO, this consolidation highlights its ambition to lead the quick-service sector and reflects its agility in responding to evolving market trends.
In addition to Swiggy’s transformative offers such as the instant grocery delivery app Instamart, dining out experience with Swiggy app Dineout, and same-day package delivery Genie, it also allows sellers to build their storefronts, and upload product catalogs at Minis.
The food delivery firm consistently works and introduces smaller yet highly impactful features to enhance user convenience.
Features like voice search, the generative Artificial Intelligence (AI) feature, live activity on orders, smart push notifications, speech recognition, what to eat, personalized home page, and direct reply notification are some of the consistent upgrades Swiggy is doing to enrich customer experience.
These features are designed to streamline the entire experience of ordering food and other services through the Swiggy platform, catering to the diverse needs and preferences of its users.
“We understand that ordering food is not a transaction but an expression of one’s emotions, and a way to alleviate one’s mood,” Swiggy CEO of Food Marketplace Rohit Kapoor has said. “Many times people simply do not want to go through the process of browsing through multiple options and pondering over them. Wouldn’t it be nice to instead have sharp recommendations attuned to how they feel and what they crave? That’s exactly what we are trying to do with WhatToEat. It is for customers for whom food is a feeling or an emotion, and not merely a dish or a restaurant.”
This paves the way for assessing the impact of these strategic decisions on Swiggy’s growth path, demonstrating its capacity to adjust to shifting consumer preferences towards local retailers, effortless ordering, and online grocery shopping.
Swiggy experienced a substantial surge in operating revenue, soaring over 40% to Rs 8,264.4 crore in the 2022-23 fiscal year, up from Rs 5,704.9 crore in the year 2021-22, indicating a robust growth trajectory after it scaled up its quick commerce vertical.
The food delivery segment of Swiggy achieved profitability in 2023, with a strategic focus on sustainable growth, and further improvements are expected this year.
A fund overseen by US-based asset manager Baron Capital Group has upped the fair value of Swiggy, the food-delivery platform, to USD 12.1 billion. This represents a 13% surge from Swiggy’s prior valuation of USD 10.7 billion, noted during its last fundraising round in 2022.
Invesco has raised the valuation of Swiggy, the food and grocery delivery platform, by around 9% to USD 8.5 billion according to its filings with the US Securities and Exchange Commission as of October 31.
Investment and Expansion
Swiggy has received substantial funds worth USD 3.6 billion from 40 investors, including prominent names like Samsung Ventures, Tencent Holding, Wellington Management, Accel Northwest Venture Partners, and SAIF Partners, indicating robust investor confidence.
The company has been actively exploring the application of AI through initiatives such as Swiggy’s neural search. It would enable users to search using conversational and open-ended queries and receive recommendations tailored to their specific needs.
Swiggy’s foray into diverse sectors including grocery, clothing, and other essential items, coupled with the launch of Swiggy Mall offering home and kitchen items, electronics, and toys, demonstrates its forward-looking approach to expansion and diversification.
Swiggy’s valuation has doubled to USD 10.7 billion, underscoring its strong market position and growth prospects.
Swiggy’s Generative AI Journey: A Peek Into the Future
The Role of Instamart and InsanelyGood in Swiggy’s IPO
Strategic Merger and Expansion
Swiggy’s merger of InsanelyGood with Instamart is aimed at improving operational efficiency within its quick-commerce vertical.
This strategic move aligns with Swiggy’s goal of expanding top-notch grocery delivery services in Bangalore by leveraging Instamart’s infrastructure and customer base.
Operational Synergies
The integration of InsanelyGood into the Swiggy app, coupled with the commitment to swift fulfillment, underscores Swiggy’s dedication to delivering a seamless user experience and ensuring customer satisfaction. Moreover, the merger is anticipated to streamline costs and enrich the value proposition for both customers and investors.
Financial and Market Impact
The merger underscores Swiggy’s commitment to dominate the quick-commerce space while preparing for a successful IPO. Instamart’s robust growth in gross merchandise value (GMV) indicates promising prospects for further expansion and market dominance.
In the financial year 2022-23, Swiggy clocked a gross merchandise value exceeding USD 2.6 billion in India, marking a growth compared to the previous year.
Prosus, the largest institutional investor in Swiggy, reported that in the initial half of the financial year 2023-24, Swiggy’s primary food delivery segment experienced a 17% growth, achieving a gross merchandise value of USD 1.43 billion.
Gross Merchandise Value of Swiggy From Financial Year 2019 to 2023
Founded in 2014, Bangalore-headquartered Swiggy operates across 500 cities in India.
Challenges and Opportunities Ahead
Workforce Reductions
Swiggy has undertaken cost-saving measures, including workforce reductions, amid challenging macroeconomic conditions. However, aggressive financial management has helped in reducing monthly cash burn, reflecting a prudent approach.
As per media reports, Swiggy may reduce approximately 400 positions, constituting nearly 7% of its workforce. This move is aimed at enhancing the food tech giant’s financial standing in preparation for an upcoming IPO later this year.
Financial Losses
Despite revenue growth, Swiggy reported a net loss in the fiscal year 2022-23, highlighting the financial challenges. Nevertheless, the company is focused on strategic partnerships and market expansions, innovation, technology upgradation, and democratization to increase its valuation pre-IPO and sustain its competitive position.
In its FY23 financial report, Swiggy announced that its food delivery division achieved profitability, attributed to its implementation of cost-efficient strategies.
“One of the major moves Swiggy might make is to partner and expand its food delivery team per geographic location. The less delivery time will help Swiggy to lower the food delivery charges that increase its sales,” an article ‘Swiggy’s Future Plans To Increase The Sale Ahead Of Its IPO’ by Stockify Fintech on professional networking site LinkedIn said.
Swiggy’s strategic merger of InsanelyGood with Instamart signifies a pivotal moment in its journey towards IPO.
The company’s commitment to adaptability, innovation, and market dominance sets a precedent for success in the competitive landscape of digital commerce.
Challenges notwithstanding, Swiggy’s clear vision for growth and sustainability positions it favorably for its upcoming IPO, promising a transformative impact on the quick-commerce and food delivery sectors.
As per reports, the company aims to raise approximately USD 1 billion (Rs 8,300 crore) through its IPO scheduled for this year. Swiggy plans to file its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO) within the next few weeks.
FAQs
What is Swiggy Instamart and how does it differ from InsanelyGood?
Swiggy Instamart is a quick-commerce grocery service launched in 2020, offering fast grocery delivery in over 25 cities in India. InsanelyGood, on the other hand, was a separate grocery delivery service that Swiggy merged with Instamart to enhance its offerings.
How does the merger of InsanelyGood with Instamart impact Swiggy’s overall strategy and market positioning?
The merger streamlines Swiggy’s operations and strengthens its position in the quick-commerce and grocery delivery sectors, enhancing efficiency and market reach.
What are the key factors driving Swiggy’s decision to streamline operations and enhance efficiency ahead of its IPO?
Swiggy aims to showcase robust financials and sustainable growth strategies to attract investors and maximize value for shareholders.
What financial milestones and performance indicators should investors consider when evaluating Swiggy’s potential for growth and profitability?
Investors should assess Swiggy’s revenue growth, profitability margins, gross merchandise value (GMV), customer acquisition, and retention metrics to gauge its growth potential and financial health.
What role does Swiggy’s IPO play in shaping the future of the food delivery and quick-commerce sectors in India?
Swiggy’s IPO will serve as a milestone event, signaling the maturation and potential consolidation of the food delivery and quick-commerce sectors in India, attracting investor interest, and driving further innovation and competition.
Nitin Konde
