IPO-bound Swiggy Ltd.'s revenue from its top two businesses—food delivery and quick-commerce unit, Instamart—increased 35% in FY24, alongside a meaningful reduction in operating loss.
The Bengaluru-based company's revenue from the two business segments has gone up from Rs 5,800 crore in FY23 to Rs 7,800 crore in FY24, according to people familiar with the matter, who spoke on condition of anonymity. Operating losses from the two segments have also dipped from Rs 2,500 crore to Rs 1,500 crore during the same period.
The financials comprise only the revenue generated from its core food delivery business and quick-commerce arm, not its Genie or Dineout businesses.
The Sriharsha Majety-led company has also reportedly filed for a confidential initial public offering. In April, Swiggy's shareholders passed a resolution internally for an initial public offering, making known a broad structure for what can be an issue of up to Rs 10,000 crore in a fresh issue of shares and an offer for sale. The company is seeking nearly $10 billion in valuations as part of the IPO, according to people aware of the development. Its competitor, Zomato Ltd., listed on the stock exchange, is currently valued at $18.7 billion.
Shareholders of the food delivery major gave their nod for a potential Rs 10,414-crore IPO, according to filings made with the Registrar of Companies, accessed via TheKredible.
The Instamart operator plans to raise up to Rs 6,664 crore via the offer-for-sale route and Rs 3,750 crore via a fresh issue of shares. Swiggy can also raise up to Rs 750 crore in a pre-IPO anchor round.
In FY23, Swiggy had posted consolidated revenue from operations of Rs 8,264 crore, up 45% from Rs 5,705 crore in FY22, according to filings with the Registrar of Companies. The company's consolidated loss widened to Rs 4,179 crore from Rs 3,629 crore in the previous fiscal.
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