Softbank-backed Swiggy files for IPO; aims to raise about Rs 3,750 crore
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Softbank-backed food delivery firm Swiggy said on Thursday it aims to raise Rs 3,750 core ($448.56 million) in its initial public offering, which looks set to be among India's biggest listings this year.
Existing shareholders including Accel India and Tencent Europe will sell about 185.3 million shares, the Bengaluru-based startup said in its draft prospectus.
Swiggy's long-awaited public listing comes amid a booming IPO market, with 198 companies having raised $7.1 billion in the year to Sept.4, more than double the amount for the same period last year.
The company, backed by investment group Prosus and Japan's SoftBank, competes with Zomato in India's online restaurant and cafe food deliveries sector.
Both companies have made major bets on the new so-called quick commerce boom where groceries and other products are being delivered in 10 minutes.
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Ahead of the 2025 Delhi Assembly elections, the Aam Aadmi Party (AAP) is actively shaping its strategy, focusing on social welfare, economic growth, and infrastructure development. To strengthen its appeal and address diverse voter concerns, the party has launched several key initiatives.
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Congress MPs including KC Venugopal, K Suresh and Manickam Tagore wrote to Lok Sabha Speaker Om Birla and alleged that the INDIA Bloc MPs were physically obstructed from entering and Leader of Opposition Rahul Gandhi was physically manhandled by three MPs from the ruling party.
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The Indian rupee fell past 85 to the US dollar for the first time on Thursday after the US Federal Reserve indicated a more measured pace of rate cuts, triggering uncertainty across financial markets.
The US cut interest rates by 25 basis points to bring down the Fed Funds rate to 4.25-4.50 per cent. The rupee was trading at 85.06 per dollar a little after 11am. The yield on the 10-year benchmark government bond rose by 4 basis points and was trading at 6.79 per cent.
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Amid the controversy surrounding Union Home Minister Amit Shah’s comments on BR Ambedkar, Rashtriya Janata Dal (RJD) leader Lalu Prasad Yadav criticised Shah, calling him “mad” and urging him to step down from politics.
Yadav’s remarks came in response to Shah’s comments during the Constitution debate in the Rajya Sabha on Tuesday, where the Home Minister claimed that it had become a ‘fashion’ for the Congress to invoke Ambedkar’s name.
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Retaliating against Finance Minister Nirmala Sitharaman's claim of having recovered assets worth Rs 14,131.6 crore, fugitive liquor baron and former member of parliament (MP), Vijay Mallya said on Wednesday that he is entitled to relief and that the agencies should legally justify how they have taken more than two times the debt he owed.
“The Debt Recovery Tribunal adjudged the Kingfisher Airlines (KFA) debt at Rs 6,203 crores including Rs 1,200 crores of interest.
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