Swiggy, a popular food delivery platform in India, is set to launch its Initial Public Offering (IPO) between November 6 and November 8, 2024. The company plans to raise around ₹11,000 crore through the IPO and will use most of the proceeds for expanding its dark stores and brand marketing. However, the company also highlights its lack of profitability and negative cash flow as potential risks in its prospectus. CEO Sriharsh Majetty reassures that the business is not currently affected by the urban consumer slowdown, and is confident about the continued growth of the company.
Swiggy, a popular food delivery platform in India, has officially announced the opening of its initial public offering (IPO) on November 6th. With a fixed price band of Rs 371-390 apiece, the company is looking to raise a total of Rs 11,327.42 crore through the IPO. This includes a fresh share sale of Rs 4,499 crore and an offer-for-sale of up to 17,50,87,863 equity shares by its existing selling shareholders. The IPO has already generated interest from prominent investors and will offer investment opportunities for both institutional and retail investors.
Swiggy, one of India's top food and grocery delivery companies, is gearing up for its highly anticipated IPO, which is set to raise Rs 11,300 crore. Long-term investors, such as Accel, Elevation Capital, and Norwest Ventures, are expected to earn up to 35 times their initial investment on the shares being sold. The funds will be used to repay debt, expand their subsidiary Scootsy's dark store network, and invest in technology and marketing. This move will not only benefit shareholders but also pave the way for Swiggy's growth in the competitive Indian market.
In a recent Techsparks event, Rohit Kapoor, the CEO of Swiggy, spoke about the harmful effects of hustle culture on employees' mental and physical health. He emphasized the need for a work-life balance, as burnout and anxiety have become prevalent due to the constant pressure to work excessively. This discussion sparks a conversation on the negative impacts of prioritizing relentless work over personal well-being and highlights the importance of addressing them.
In the age of technology, even traditional Indian wedding ceremonies are adapting to the convenience of the internet. With a photo of a Swiggy delivery partner arranging food in a tent, a user shared how an engaged couple had opted to order their food online instead of hiring a traditional halwai or caterer. Swiggy, a popular online food delivery service, noticed the tweet and even suggested the couple use their services for their upcoming wedding. This trend highlights the shifting business landscape in India, with online food delivery services becoming a more prominent player in the wedding industry.
The popular food delivery app Swiggy celebrated International Burger Day with a throwback photo of Indian cricket legend Virat Kohli enjoying a plate full of burgers. The re-shared photo from 2016 has captured the attention of social media users, who are appreciative of Swiggy's clever social media strategy. Many have been reminiscing about their own childhood burger memories, thanks to the nostalgic photo.
A Swiggy Instamart delivery man has gone viral for all the wrong reasons after being caught on camera stealing a pair of Nike shoes from a customer's house in Gurugram. The incident sparked outrage on social media, with many calling out Swiggy for not taking enough action to prevent such incidents. While the food aggregator has issued a statement expressing disappointment and promising better measures, customers are questioning their responsibility in such cases and urging for stricter consequences for the accused delivery partner.
Swiggy, one of India's largest food delivery apps, recently implemented a dynamic rating system for its gig workers, which determines their access to company benefits, including health insurance. However, this system has come under fire as it incentivizes workers to work longer hours and penalizes them for taking time off to attend to personal or family matters. This has left many workers and their families without health insurance when they need it the most, sparking calls for a return to the old system.
Swiggy Dineout has recently launched a new campaign, "Sharma Ji Ki Beti," as part of its efforts to enhance the dining-out experience for Indian consumers. The campaign, created by Toaster India, is part of Swiggy's initiative to promote its presence during the Great Indian Restaurant Festival. The campaign's goal is to integrate Swiggy Dineout into the Indian dining culture and make it a part of the dining-out ritual. Inspired by the Indian practice of comparing children, the campaign aims to establish Swiggy Dineout as a household name in the dining industry.
Baron Capital's increase in stake has led to a jump in Swiggy's valuation, narrowing the gap with competitor Zomato. This news comes as a welcome update for Swiggy, which has been struggling to launch its IPO for some time now. However, despite the boost in valuation, Zomato's market cap remains far ahead, with its e-commerce platform Blinkit playing a key role in driving profits. In order to compete, Swiggy has had to make cost-cutting measures, including layoffs of 400 and 380 employees last year. Currently, the company has a total of 6000 employees.