Page 24 - Swiggy

Food delivery company Swiggy changes registered name ahead of IPO

Swiggy is planning to file its draft red herring prospectus with the Securities and Exchange Board of India for its IPO in the next couple of days, aiming for an $11 billion IPO valuation target

Swiggy may file papers with Sebi for IPO in 2 weeks to raise Rs 8,000 cr

The food delivery giant has been intensifying efforts to achieve profitability as it prepares for the IPO

Swiggy revenue jumps 45% to Rs 8,625 cr in FY23, loss widens to Rs 4,179 cr

The SoftBank-backed food delivery firm's financial performance comes at a time when Swiggy is eyeing an up to $1 billion domestic initial public offering (IPO) this year

Food-delivery platform Swiggy to cut 350-400 jobs across verticals

On-demand convenience platform Swiggy is understood to be preparing to cut around 400 jobs across various verticals as part of preparations for its initial public offering. As the company works to simplify structure and bring operational efficiencies, around 350 to 400 jobs are expected to be pruned, sources said. These will be across teams spanning technology, call centre and corporate roles, and the job cuts are expected to initiate gradually in the coming weeks. When contacted Swiggy declined to comment. The development comes at a time when Swiggy is preparing for its IPO. "Swiggy has been working on simplifying work processes and building operational efficiencies," a person aware of the development said. Swiggy's headcount is estimated to be around 6,000 at present.

Flipkart may let 1,000 employees go, Swiggy likely to lay off 400

Flipkart is intensifying its efforts to achieve profitability as it is eyeing a valuation of approximately $60 billion at the time of its initial public offering (IPO), now planned in 2025-2026

Food delivery giant Swiggy to slash 6% of workforce to trim costs: Report

The job cuts would impact about 350-400 employees across teams including technology, call centre, and corporate roles, the report said, the report stated

Swiggy planning fresh layoffs; may cut 7% from 6,000-strong workforce

Swiggy plans to reduce its employment by 7 per cent, affecting 400 employees across teams like technology, call centers, and corporate roles

Not hiked fee, no plans for significant increase in near term: Swiggy

On-demand convenience platform Swiggy on Wednesday said it has not hiked its platform fee and no plans for a significant increase in the near term. The company, which currently charges Rs 5 as a platform fee to customers, clarified it had 'teased' to a "very small set of users" of Rs 10 as an experiment but was never implemented. "Swiggy has not changed its platform fee, and has no plans for a significant increase in the near term," a Swiggy Spokesperson said in a response to a query on the report of the company hiking its platform fee. Further, the spokesperson said, "We're always running small experiments to better understand the consumer's choices. This was one such experiment, and we may or may not scale it up in the future if it doesn't meet our goal of serving our users in the best way possible." Swiggy is always looking for ways to make its platform more affordable, and the latest offering, Pockethero, is another example of that, according to the company. "Pockethero is ...

Food delivery major Swiggy teases doubling platform fee from Rs 5 to Rs 10

The Bengaluru-based firm claimed that the increased fee is an experiment tested amongst a "small set of users" and the company is not planning a significant hike any time soon

Swiggy shareholder Prosus may receive promoter tag in platform's IPO launch

Prosus holds around 33% of shares of the food delivery platform and has been looking to reduce it to under 26%

Invesco raises valuation of Indian food delivery firm Swiggy to $8.3 bn

US asset manager Invesco has raised the valuation of Indian food delivery platform Swiggy to $8.3 billion from $7.85 billion in October in a second straight markup, regulatory filings showed

US-based fund manager Invesco marks up Swiggy's valuation to $8.3 billion

In October last year, Invesco had marked up the value of its stake in the food aggregator platform to $7.85 billion, after back-to-back valuation cuts

Food, quick delivery platforms clock all-time high orders on New Year's Eve

While Bengaluru, New Delhi, and Mumbai saw the highest number of orders among the metros, cities such as Jaipur, Chandigarh, and Ahmedabad too witnessed significant demand

Zomato increases platform fee to Rs 4 from Rs 3 in select markets

The fee is levied on all customers, regardless of whether they are part of the company's loyalty programme Zomato Gold, which provides benefits such as free deliveries and increased discounts

Swiggy unveils Pockethero, food delivery for budget-conscious customers

Pockethero offers free delivery and up to 60 per cent discounts to ensure significant customer savings

Slice of success: Have Zomato, Swiggy finally figured out the right recipe?

Zomato reported its first-ever profit of Rs 2 crore in Q1 FY24

Biryani most ordered dish in 2023 on Swiggy for the eighth year in a row

India ordered 2.5 biryanis per second in 2023, and on the day of the World Cup 2023 finals, on November 19, India ordered 188 pizzas per minute

Swiggy disbursed Rs 102 cr in loans to delivery partners in last 12 months

Swiggy receives over 1.5 lakh loan applications monthly. It has partnered with Betterplace and Refyne to enable loans. There is no limit to the number of loans delivery partners can apply

Zomato looks to venture into catering business to expand market share

Zomato had launched a multi-cart option in June which helps users to order from several restaurants at the same time

Swiggy appoints Anand Kripalu as independent director, chairperson of board

Kripalu holds a Bachelor of Technology in Electronics from IIT, Madras, and an MBA from IIM, Calcutta. He completed his Advanced Management Program at Wharton Business School