Swiggy has successfully obtained approval from its shareholders for its forthcoming IPO, where it aims to generate Rs 3,750 crore in fresh capital along with a segment for offer-for-sale of up to Rs 6,664 crore. Although the company has not yet submitted its IPO documents to the Securities and Exchange Board of India (Sebi), it has intentions to secure approximately Rs 750 crore from anchor investors in a pre-IPO round, as detailed in a report by The Economic Times (ET).
The special resolution approving these financial moves was passed during an extraordinary general meeting (EGM) of Swiggy's shareholders conducted on April 23, as reported by ET. As outlined in the filing, shareholder consent was crucial for the creation, issuance, offer, allocation, and/or transfer of equity shares to raise funds. This IPO development puts Swiggy in league with other startups looking to make their market debut this year, including companies like Firstcry, Ola Electric, and Awfis, among others.
Prosus, a listed company in the Netherlands, currently holds the largest stake in Swiggy at 33 percent, followed by SoftBank, with other notable shareholders including Accel, Elevation Capital, Meituan, Norwest Venture Partners, Tencent, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Hillhouse Capital Group, and GIC, according to the ET report. Data from the Tracxn platform reveals that Swiggy's co-founders Sriharsha Majety, Nandan Reddy, and Rahul Jaimini hold varying stakes in the company, with Majety assuming the role of managing director and group CEO following the shareholder meeting, while Reddy was appointed as a whole-time director and head of innovation.