Swiggy to be IPO-ready by September 2023: Report
The food delivery firm recently added three independent directors to its board in preparation for a public listing.
Foodtech decacorn is reportedly planning to prepare for a public listing later this year.
According to a report by Entrackr, Swiggy plans to be ready for an IPO by September this year and will file pre-IPO documents with regulators in another 6-8 months. Its board also gave the company a 'definitive direction' to list on the Indian stock exchanges after the third quarter of 2024.
YourStory has reached out to the company for comments.
On Monday, the food delivery firm appointed three independent directors—Mallika Srinivasan (Chairman and Managing Director of TAFE), Shailesh Haribhakti (Chairman of Shailesh Haribhakti and Associates), and Sahil Barua (Managing Director and CEO at Delhivery) to its board.
Last month, it laid off 380 members of its 6,000-strong workforce, as part of a restructuring exercise.
The layoffs came just after the company reported a revenue of Rs 5,705 crore for the financial year 2021-22—up from Rs 2,457 crore in FY21—while its losses widened to Rs 3,629 crore against Rs 1,617 crore the previous year.
Swiggy's competitor Zomato went public in July 2021. While it made a stellar debut on the NSE, closing 64.87% above the issue price of Rs 76, its stock is currently hovering at Rs 48 apiece.
(This story was updated to correct a typo.)
Edited by Kanishk Singh
