This fleet, which consists of electric vehicles (EVs), is designed to handle large food orders in a single trip, enhancing the efficiency of food delivery.
According to the DRHP the proceeds of the IPO will be used for investment in its subsidiary Scootsy, for expansion of its dark store network for its quick commerce segment, setting up dark stores, investment in technology and cloud infrastructure and funding its inorganic growth.
The Bengaluru-based company aims to raise over $1 billion through the IPO, pending approval from India’s Securities and Exchange Board of India (SEBI).
The decision to increase the fundraising target will be discussed at an extraordinary general meeting (EGM) scheduled for October 3, according to a formal notice sent to shareholders.
Swiggy’s recent feature updates, including Group Ordering, Eatlists, Explore Mode, and Similar Carts, demonstrate the company’s ongoing efforts to enhance user engagement and convenience on the platform.
In comparison, Zomato’s overall revenue for FY24 surged by 71 percent to Rs 12,114 crore. Of this, Rs 6,161 crore came from its food delivery business, while Blinkit added Rs 2,301 crore from quick commerce.
In one notable instance, a family in Bangalore used the Group Ordering feature to coordinate a single order involving 34 people, making their Raksha Bandhan celebration seamless.
This offering, accessible to partners PAN-India, aims to support restaurants to boost their online brand presence by leveraging social media platforms such as Facebook, Instagram and WhatsApp.