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Swiggy will use the money raised through the IPO for business growth. Under this, the funds will be spent to expand the quick commerce segment and strengthen its infrastructure. Investors like Accel, Coatue, Alpha Wave, Elevation, Norwest and Tencent will sell stakes in the IPO. Through this, they will reduce their stake in the company.
Who is the owner of Swiggy? MIH India Food Holdings, a process company, has the highest stake in Swiggy with 30.93 percent holding.
SoftBank Group's SVF II SONGBIRD (DE) LLC has 7.75 percent, Essel India has 4.71 percent and Tencent Cloud has 3.64 percent stake. The company's MD and Group CEO Sriharsha Majeti has 5.36 percent stake in it along with co-founder and whole-time director, Head of Innovation Lakshmi Nandan Reddy Obul has 1.75 percent stake. Its loss fell from Rs 4,179.3 crore to Rs 2,350.2 crore in FY24. During this period, the company's operational revenue grew by 36 percent to Rs 11,247.4 crore. In the June quarter, the company's loss increased from Rs 564 crore to Rs 611 crore on an annual basis, but revenue increased by 35 percent to Rs 3,222.2 crore.
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