 "Swiggy secures shareholders' approval to raise over Rs 10,400 cr via IPO")
Food and grocery delivery major Swiggy has received shareholders' approval for an initial public offering to raise Rs 10,414 crore fund through issue of fresh equity shares and an offer for sale, according to sources.
A special resolution was passed at an extraordinary general meeting of Swiggy on April 23, they said.
According to sources, the Bengaluru-based company plans to raise up to Rs 3,750 crore funds through fresh equity shares, in addition to an offer-for-sale component of up to Rs 6,664 crore.
The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they added.
Swiggy, founded in 2014, has a valuation of USD 12.7 billion as on April 10, 2024. Its annual revenue stood at USD 1.09 billion as on March 31, 2023.
The company has more than 4,700 employees, according to Tracxn, a global startup data platform.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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