New Delhi

Swiggy, an online food delivery platform, is planning to submit an initial public offering (IPO) valued at $1.2 billion this year, having received approval from its shareholders. As per a regulatory filing, the company intends to raise up to Rs. 3,750 crore through a fresh issue and approximately Rs. 6,664 crore via an offer-for-sale (OFS) component.

The filing, prepared following an extraordinary general meeting (EGM) held on April 23, states the consent and approval of the shareholders for the creation, issuance, offering, allotment, and/or transfer of equity shares up to a total of Rs. 37,501 million through a fresh issue, and up to Rs. 66,640 million by certain existing shareholders (OFS). Swiggy did not provide immediate comment.

Prosus, a key investor, holds about 32 per cent stake in Swiggy. SoftBank has approximately 8 per cent stake, while VC firms Accel and Elevation Capital hold 6.2 per cent and 4.4 per cent respectively, as per Tracxn, a market intelligence platform.

Recently, US-based Baron Capital raised Swiggy’s valuation for its impending IPO to $12.16 billion, surpassing the $10.7 billion post-money valuation from early 2022. Invesco, another US-based investment company, also raised Swiggy’s valuation to about $8.3 billion earlier this year.

In the financial year ending March 31, 2023, Swiggy’s net losses expanded to reach Rs. 4,179 crore.