Swiggy converts to public limited company ahead of IPO
With this, Swiggy is closer to joining a string of new-age internet companies looking to go public including FirstCry, Awfis and Ola Electric.
With this, Swiggy is closer to joining a string of new-age internet companies looking to go public including FirstCry, Awfis and Ola Electric.
Swiggy appointed Suparna Mitra as an Independent Director, joining Anand Kripalu, Shailesh Haribhakti, and Sahil Barua. With 30 years of experience, she holds degrees from Jadavpur University and IIM Calcutta.
Swiggy Instamart's vice president and head of supply chain management (SCM), Karan Arora, on Wednesday announced his departure from the company after a three-and-a-half year tenure with the firm.
Big-ticket investments on horizon for companies that have emerged stronger after Covid. Indian startup sector witnesses a resurgence in big-ticket deals of $100 million or more. Firms like Lenskart and Purplle are in talks for significant investments, while companies like HealthKart and Rapido negotiate fresh funding rounds.
Before joining Eureka Forbes, Jayna has worked with firms such as Swiggy, OneAssist, Amazon, and InfoEdge India Ltd. On this new role and appointment, he said, "Joining Eureka Forbes as chief technology officer presents an exciting opportunity to leverage technology for enhancing the lives of millions. I look forward to collaborating with the talented team at Eureka Forbes to drive innovation and customer-centric solutions."
Zepto eyes $300 million fundraise for $2.5-3 billion valuation, targeting Ebitda positivity with $1.2 billion sales. Blinkit's GMV surpasses $1 billion; Zomato holds $1.5 billion cash; Swiggy prepares for IPO.
For the full fiscal year 2022-23 Swiggy made a loss of 41.8 billion rupee (USD 500 million), according to the document. But the company's lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24, a source with direct knowledge of the matter said, without wishing to be identified.
In an advertisement posted by X user Nilesh Trivedi, the logo and name of Swiggy are seen on top, with the text commenting on rival Zomato's recent pure veg fleet. The user later said that the ad was very clearly a parody.
The ambitious project has gained visible traction through the past year. But what are the challenges that must be addressed before it truly democratises web commerce?
InsanelyGood currently operates in Bengaluru only after a scaledown from six cities last year to reduce cash burn. Orders placed on the service before 11 pm usually get fulfilled by 7 am the following day.
Baron Capital, which participated in Swiggy's $700-million funding round in January 2022, has increased the fair value of its holding in Swiggy for the third consecutive time. The latest valuation was ascribed to Swiggy as of December 31, 2023, as per filings made with the US Securities and Exchange Commission.