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Swiggy is seeking to raise Rs 3,750 crore ($448 million) in an initial public offer of shares, according to the prospectus
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Swiggy’s venture capital investors, including South Africa’s Naspers and Norwest Venture Partners, plan to sell up to 1,853 lakh shares, with Naspers offering 1,182 lakh shares. Founded in 2014, Swiggy works with over 150,000 restaurants across India and competes with Zomato, Amazon's India unit, and Tata Group's BigBasket.
The funds from the IPO will be used to invest in its Scootsy unit, expand its quick commerce business, and enhance technology and cloud infrastructure, the company says. The share sale is being managed by Kotak Mahindra Capital, Citigroup, Jefferies India, and Avendus Capital.
That’s the lowest since the Chennai-to-Silicon Valley company’s listing on the Nasdaq in September 2021. This year alone Freshworks has lost 50 percent of its market value. Shares have fallen 76 percent since listing.