Swiggy raises ₹5,085 cr from anchor investors; IPO opens today
The food delivery company looks to raise ₹11,300 crore via IPO, which is the second biggest issue of the year after Hyundai Motor India.
The food delivery company looks to raise ₹11,300 crore via IPO, which is the second biggest issue of the year after Hyundai Motor India.
Brokerages remained skeptical about Swiggy’s negative bottomline and cash flows; and intense competition from rivals Zomato, Zepto, and others.
The IPO is a mixture of a fresh issue of shares worth ₹4,500 crore and an offer for sale of ₹6,800 crore by existing shareholders.
Zomato continues to remain one of the preferred stocks among new age companies, say brokerages.
Zomato posted profit for the third consecutive quarter in Q3 FY24, driven by topline growth and rise in GOV across its businesses.
Softbank through its entity SVF Growth (Singapore) Pte looks to sell around 1.1% stake worth ₹1,000 crore in Zomato via the block deal route.
Monthly incomes of long-shift food delivery workers plunged 11% to ₹11,963 in May 2022 from ₹13,470 in 2019
Prosus says its share of Swiggy's losses stood at $180 million
Swiggy’s one of the biggest investors Prosus says its share of Swiggy's trading losses increased to $105 mn on investment in both core food delivery biz and Instamart.
Revenue growth in food delivery is tapering out. How do you continue growing? Quick commerce opens up a new market as the grocery market is much larger than the food delivery market, says an analyst