Next to Amitabh Bachchan's Investment, Hindustan Composite invests in Swiggy
Hindustan Composite, an auto ancillary company, has acquired a minority stake in Swiggy, an IPO-bound online food delivery company. The improvement comes days after Amitabh Bachchan's family office got a minority stake in the Bengaluru-based organization.
According to a disclosure made through the National Stock Exchange (NSE), the board of Hindustan Composite has reached an agreement with Swiggy to acquire 1,50,000 equity shares, resulting in an investment of Rs 5.17 crore.
The total assets of Swiggy remained at 
9,810 crore or $1.18 billion as of March 2023, the documenting additionally added. With the intention of securing both short-term and long-term advantages, Hindustan Composite intends to complete this minor acquisition by the month of November 30, 2024. In May, Swiggy is said to have secretly filed papers for an IPO.
9,810 crore or $1.18 billion as of March 2023, the documenting additionally added. With the intention of securing both short-term and long-term advantages, Hindustan Composite intends to complete this minor acquisition by the month of November 30, 2024. In May, Swiggy is said to have secretly filed papers for an IPO.
The firm will raise up to 3,750 crore ($450 million) by means of a new issue of value shares and a proposal available to be purchased of up to a total measure of 6,664 crore ($800 million) in its first sale of stock. Media reports claim that the company will soon submit draft IPO documents to SEBI.
3,750 crore ($450 million) by means of a new issue of value shares and a proposal available to be purchased of up to a total measure of 6,664 crore ($800 million) in its first sale of stock. Media reports claim that the company will soon submit draft IPO documents to SEBI.
In front of the Initial public offering, Swiggy likewise carried out its fifth ESOP liquidity program worth $65 million in July. It professes to have empowered over 1, 000 crore of ESOPs over the five occasions which helped 3,200 workers.
1, 000 crore of ESOPs over the five occasions which helped 3,200 workers.
The Prosus-supported firm additionally augmented its initiative group last month with arrangements of new CEO (President) and head working official (COO). In the first three quarters of FY24, Swiggy made Rs 5,476 crore in revenue but lost Rs 1,600 crore. It's yet to document inspected results for FY24. According to data from the stock exchange, Zomato, Swiggy's rival, is currently valued at $28.3 billion. The Deepinder Goyal-drove firm posted Rs 4,206 crore in income with Rs 253 crore in benefits in the primary quarter of FY24.
