Swiggy Ltd

About the Company:

Swiggy is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app – to browse, select, order and pay for food (“Food Delivery”), grocery and household items (“Instamart”), and have their orders delivered to their doorstep through our on-demand delivery partner network.

Company’s platform can be used to make restaurant reservations (“Dineout”) and for events bookings (“SteppinOut”), avail product pick-up/ dropoff services (“Genie”) and engage in other hyperlocal commerce (Swiggy Minis, among others) activities.

Being among the first hyperlocal commerce platforms, Swiggy has successfully pioneered the industry in India, launching Food Delivery in 2014 and Quick Commerce in 2020, and due to the pioneering status of Swiggy, it is well-recognised as a leader in innovation in hyperlocal commerce

Company caters to users’ needs of ease, immediacy, quality, variety, reliability and consistency in their food, grocery and household items consumption and other hyperlocal commerce needs.

Company’s primary business is operating a B2C (business-to-consumer) marketplace platform where we aggregate restaurant and merchant partners that can list their food and products; users can discover and purchase such items; and we facilitate the fulfilment of these orders through enabling delivery, reservations and payments, and lead generation for partners.

Company’s Business Segments:

(i) Food Delivery.
(ii) Out-of-home Consumption, covering dining out and events.
(iii) Quick Commerce covering on-demand delivery of grocery and household items.
(iv) Supply Chain and Distribution covering business-to-business (“B2B”) supplies, warehousing, logistics and distribution for wholesalers and retailers.
(v) Platform Innovations covering our new initiatives and offerings, such as Swiggy Genie, Swiggy Minis, among others.

Quick Commerce Business:

Company launched Instamart in 2020 and offer on-demand grocery and a broadening array of household items to users. On Instamart, users can access and browse a large selection of grocery and household items. These orders are received by merchant partners, processed through our Dark Stores, and delivered to users through delivery partners.

During the month of June 2024, orders were typically delivered in an average time of approximately 12.6 minutes.

As on June 30, 2024, Company’s platform listed a selection of approximately over 19,000 SKUs within grocery and household items.

As on June 30, 2024, Instamart operated a large network of 557 Active Dark Stores across 32 cities in India, and as of September 10, 2024, Instamart operated a network of 605 Active Dark Stores across 43 cities in India.

Supply Chain and Distribution:

As on June 30, 2024, we managed 2.66 million sq. ft. of warehousing space across 13 cities and had approximately 680 authorized brand distribution partnerships and served approximately 87,000 retailers and wholesalers.

Swiggy One:

Swiggy One is our membership programme, accessible across offerings, that offers members discounts and promotions on our platform, including free delivery on select orders.

Swiggy One is designed to help amplify our platform’s network effects of different offerings and drive a compounding effect on user engagement, thereby increasing the frequency with which users transact on, and remain committed to our platform.

Company launched Swiggy One in 2021 and have scaled it over the years. Users can become Swiggy One members by paying a membership fee. As of June 30, 2024, we had 5.71 million Swiggy One
members.

Company’s Key Operating Metrics:

Management Team:

Mr. Anand Kripalu (Designation: Chairman and Independent Director)
Mr. Sriharsha Majety (Designation: Managing Director and Group Chief Executive Officer)

Objectives of the Issue:

Offer For Sale: (Rs. 6828 cr)

Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of proceeds of the Offer for Sale.

Fresh Issue: (Rs.4499 cr)

Investment in our Material Subsidiary, Scootsy, for repayment or pre-payment, in full or in part, of certain or all of its borrowings.
Investment in our Material Subsidiary, Scootsy, for: (a) expansion of our Dark Store network for our Quick Commerce segment through setting up of Dark Stores; and (b) making lease / license payments for Dark Stores.
Investment in technology and cloud infrastructure.
Brand marketing and business promotion expenses for enhancing the brand awareness and visibility of our platform, across our segments.
Funding inorganic growth through unidentified acquisitions and general corporate purposes.

Positives for the Company:

Pioneers of high-frequency hyperlocal commerce categories driven by an innovation-led culture.

Being among the first hyperlocal commerce platforms, Swiggy has successfully pioneered the industry in India, launching Food Delivery in 2014 and Quick Commerce in 2020, and due to the pioneering status of Swiggy, it is wellrecognised as a leader in innovation in hyperlocal commerce.

Consistently growing network of users.

In our tenth year of operations, we reached a milestone of 112.73 million users that have transacted on our platform(ever transacted users) on June 30, 2024; and
Company’s unified app, growing offerings and wide network of partners drive greater selection and faster delivery times, all of which enhance user experience on our platform and encourages more users to transact with us.

“Swiggy” brand delivered through a unified app with consistent user experience.

According to the Kantar BrandZ Most Valuable Indian Brands Report 2024, Swiggy is the most valuable brand in the Consumer Technology & Services Platforms category and is among the Top 25 most valuable brands in India, overall.

An experienced professional management team and high standards of governance.

Company has an eight-member strong leadership team, many of whom come with deep backgrounds in the consumer technology and hyperlocal commerce sectors; and have an aggregate 52 years of experience with Swiggy.

Financials of the Company:

(in Crores)	FY 22	FY 23	FY 24	Upto 30th June 24
Revenue	6119.7	8714.4	11634.4	3310.1
Net Profit	(-3628.8)	(-4179.3)	(-2350.2)	(-611.0)

Valuation of Peer Group Companies:

Company Name	Face Value	EPS	PE Ratio	RoNW	NAV
Swiggy Ltd	1	(-10.70)	N.A	(-30.16%)	35.48
Zomato Ltd	1	0.40	634.50	1.72%	23.14

IPO Details:

Details	Info
Issue Opens on	6th November 2024
Issue Closes on	8th November 2024
Issue Price	Rs.371-390
Face Value	Rs.1
Retail Category Allocation	10 %
Minimum Lot	38 Shares
Minimum Investment	Rs.14,820
Issue Constitutes	12.97 %
Issue Size	Rs.11,328 cr ($ 1.35 billion )
Market Cap	Rs.87,299 cr ($ 10.3 billion )
Listing at	NSE & BSE
Equity Shares Offered (Fresh)	11,53,58,974 (Rs.4499 cr)
Equity Shares Offered (OFS)	17,50,87,863 (Rs.6828 cr)
Total Equity Shares Offered (Fresh + OFS)	29,04,46,837 (Rs.11,328 cr)
Equity Shares Prior to the Issue	212,30,66,748
Equity Shares after the Issue	223,84,25,722

IPO Valuation Parameters:

Earnings Per Share (EPS)	Price To Earnings ratio (PE)	Return on Net Worth (RoNW)	Net Asset Value (NAV)
(-10.70)	N.A	(-30.16%)	35.48

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Important Dates:

Finalization of Basis of Allotment	on or Before 11th November 2024
Initiation of Refunds	on or Before 12th November 2024
Credit of Equity Shares:	on or Before 12th November 2024
Listing Date:	on or Before 13th November 2024

Company Contact Info:
Swiggy Ltd No. 55, Sy No. 8-14, Ground Floor, I&J Block, Embassy Tech Village, Outer Ring Road, Devarbisanahalli, Bengaluru 560 103, Karnataka, India. Tel: + 91 95907 56603 Email: secretarial@swiggy.in Website: www.swiggy.com

Registrar to the Issue:
Link Intime India Private Limited C-101, 1st Floor, 247 Park L.B.S. Marg, Vikhroli West Mumbai 400 083 Maharashtra, India Tel: +91 810 811 4949 Investor Email ID: swiggy.ipo@linkintime.co.in Website: www.linkintime.co.in