Amitabh Bachchan’s family office picks small stake in Swiggy: Report
SoftBank-backed Swiggy is targeting a valuation of approximately $15 billion for its upcoming stock market offering to raise $1-1.2 billion. Key Points
Business TodaySwiggy IPO: Food and grocery delivery makes confidential filing with Sebi
Swiggy's shareholders approved its $1.25 billion IPO in an EGM in a special resolution on April 23. Key Points
India TodaySwiggy records $200 million loss as it plans IPO: What internal document shows
Swiggy was valued at $10.7 billion by investors in 2022. The company is reportedly planning an IPO this year. Key Points
Hindustan TimesBaron Capital raises Swiggy’s valuation to $12.1 billion; new digital competition law
The US-based asset manager has now marked up the fair value of its holding in Bengaluru-based Swiggy for the third consecutive time. The asset managers fund held a stake worth $87.2 million in Swiggys parent company as of December 31, 2023, up 17% from $74.4 million a quarter earlier. Key Points
Economic TimesBaron Capital marks Swiggy valuation at $12.1 billion, up 13% from last fundraise
Baron Capital, which participated in Swiggy's $700-million funding round in January 2022, has increased the fair value of its holding in Swiggy for the third consecutive time. The latest valuation was ascribed to Swiggy as of December 31, 2023, as per filings made with the US Securities and Exchange Commission. Key Points
Economic Times
Swiggy changes company’s registered name to reflect ‘core brand’ ahead of planned IPO
Swiggy Pvt Ltd (formerly Bundl Technologies Pvt Ltd) changed its name for brand proximity. It operates under brands like Instamart, Dine Out, and Genie. Swiggy is preparing for a $1 billion IPO and aims to achieve profitability by reducing costs. Zomato is its main rival. Key Points
Economic TimesWoman's Swiggy account breached, Rs 97,000 spent by hackers on order
In a recent online scam, a woman's Swiggy account was breached with hackers placing orders worth Rs 97,000. Two cyber criminals tricked her into providing access to her account, leading to a loss of nearly Rs 1 lakh. Key Points
India TodaySwiggy announces food delivery services in Lakshadweep's Agatti Island
Swiggy has partnered with AFC Fried Chicken, City Hotel, and Mubarak Hotel. The deliveries will be solely made on bicycles. Key Points
Business TodayVodafone Idea offering free Swiggy One subscription with select postpaid plans: Check out the list
Vi, a leading telecom operator, enhances its postpaid experience by offering 'Swiggy One Membership' for free to customers subscribed to Rs. 501 and above rental plans. Key Points
India TodaySwiggy's 'collection fee' sparks dispute with restaurants
The National Restaurants Association of India (NRAI), which represents over 500,000 companies across the country, also said restaurants will seek clarity from the food delivery platform in the coming days. December is supposed to be the best month of business for us; for Swiggy to unilaterally come up with this suddenly in peak season is definitely an unwelcome distraction, said Sagar Daryani, vice president of NRAI. Key Points
Economic Times
Man finds live snail in salad he ordered from Swiggy, company responds
A video shared on X shows a bowl filled with salad and a tiny snail sitting on top. The video has left people disgusted. | Trending Key Points
Hindustan TimesPedalling towards ambition: ITI student who delivers Swiggy orders aims for IAS
Sourav Bhardwaj cycles for around 40 km daily while delivering Swiggy orders from 4 pm to 11 pm. His aim is to become an IAS officer. | Trending Key Points
Hindustan TimesSwiggy's Genie delivery service under scrutiny as delivery person steals ₹82,999 Apple Watch Ultra
Swiggy's Genie delivery service faces safety concerns as a delivery person stole a valuable Apple Watch Ultra. The incident raises questions about theft and security. Swiggy has not issued an official statement yet. Key Points
mintSwiggy Genie man runs away with Apple Watch Ultra worth Rs 82,999, company says drop an email
Attempting to retrieve his flagship Apple Watch Ultra through Swiggy's service, a user was left shocked when the delivery person made off with the valuable device. Here's a detailed account of the incident. Key Points
India TodayLaid off Swiggy employee says he applied for 100+ jobs every day and still didn’t get any job
A former Swiggy employee, who was part of the company's mass layoff, says he has been jobless for the past 3 months. He shares that he is applying for more than 100 jobs daily but receiving no responses. Key Points
India Today
Dinner delivered at Shah Rukh Khan’s home Mannat after SRK asks fan: ‘Kyun bhai, aap Swiggy se ho?’
Shah Rukh Khan recently did an Ask SRK session on Twitter where one of the netizens asked him if he has had his meal. The actor's witty reply led to seven Swiggy riders heading to his home, Mannat. Key Points
The Indian ExpressUS asset manager Invesco cuts Swiggy’s valuation to $5.5 billion from $8.2 billion
This is the second time Invesco has cut down its valuation in the food delivery firm. We reported last month that Invesco had marked down its investment in food delivery firm Swiggy by 23%. Key Points
Economic TimesFoodtech major Swiggy gets costlier, starts charging consumers ‘platform fee’
The new charge of Rs 2 may seem small, but it would create a large enough corpus for Swiggy to reinvest into its business as it delivers over 1.5 million orders each day. The fee, which was rolled out in phases over the past week, is likely to be extended to other regions soon Key Points
FirstpostSwiggy CTO to leave company in May
Swiggy’s chief technology officer (CTO) Dale Vaz has resigned from his position at the food tech platform. Vaz will be leaving in May after nearly five years at the Bengaluru-based company. Key Points
FinancialexpressSwiggy takes down 'Holi egg' billboards as users call it 'Hinduphobic'
Swiggy put out billboards, suggesting that eggs must be consumed and not smashed on someone’s head on Holi. After several users called Swiggy 'Hinduphobic' and started uninstalling its app, the food delivery company decided to take down the controversial billboards. Key Points
India Today
Swiggy called out on Twitter. Why is #HinduPhobicSwiggy trending?
The billboard features eggs and reads, “Omelette; Sunny side-up; Kisi ke sarr par. #BuraMatKhelo. Get Holi essentials on Instamart.” | Latest News India Key Points
Hindustan TimesInvesco raises valuation of IPO-bound Swiggy for second time to $8.3 billion
By the end of this month, Invesco held 28,844 shares in Swiggy, with a total value of $147.6 billion. This equates to a valuation of $8.3 billion for the investment. Key Points
mintProsus may have promoter tag in Swiggy’s $1 billion IPO
While Swiggy prepares to file its IPO papers, New Delhi-based wearables and audio accessory brand Boat is likely to reconsider its plan to make an IPO in 2024, people in the know of its plans said. In 2022, it had withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India citing market conditions. Key Points
Economic TimesValuation of IPO-bound Swiggy raised to $8.3 billion by US-based Invesco
Previously, Invesco, which owns a 2% stake in Swiggy, valued the food tech major at $7.85 billion. Key Points
Hindustan TimesOnline gaming hit by 28% tax; Swiggy is prioritising growth over profitability
Fist bump, on hump day. In a major setback to Indias online gaming industry, the GST Council decided to levy a 28% tax on the full value of monies paid by users, a move industry stakeholders have termed “unconstitutional and irrational”. This and more in todays ETtech Morning Dispatch. Key Points
Economic Times
Swiggy targets $15 billion valuation in IPO
SoftBank-backed Swiggy is planning an IPO to raise $1-1.2 billion, targeting a $15 billion valuation. Competing with Zomato in the quick commerce sector, Swiggy's IPO aims to expand its Instamart business. The company received shareholder approval and expects regulatory clearance shortly. Key Points
Economic TimesZomato, Swiggy hike platform fee by 20% to Rs 6 per order
Food delivery giants Zomato and Swiggy shock customers with a 20% hike in platform fees to Rs 6 in key markets like Bengaluru and Delhi. Both platforms had started with a fee of Rs 2 per order, but increased them through the months. Key Points
Economic TimesQuick-commerce, food-delivery firms register massive order surge on New Year's Eve
Food delivery and quick commerce platforms like Zomato, Blinkit, and Swiggy Food and Instamart witnessed an unprecedented surge in orders on New Year's Eve, according to senior industry executives. The top executives took to microblogging site X (formerly Twitter) to share updates on the order trends for the evening. Key Points
Economic TimesIPO-bound Swiggy's valuation raised to $8.3 billion by US-based Invesco: Report
As per the regulatory filings by the US-based AMC, at the end of October, Invesco's 28,844 shares in the food delivery app amounted to $147.6 million. Key Points
Business TodayHDFC Bank Swiggy Credit Card offers 10% cashback, higher than most cashback credit cards; is it a good dea
HDFC Bank has joined hands with Swiggy, one of the most popular food and grocery delivery platforms in the country, to launch a co-branded credit card — the Swiggy HDFC Bank Credit Card. When compared with the two most popular platform-specific co-branded credit cards — Flipkart Axis Bank Credit Card and Amazon Pay ICICI Credit Card — the Swiggy HDFC Bank Credit Card looks quite attractive. Is it a good deal? Key Points
Economic Times
Daughter forgets to order fruits, dad posts this on WhatsApp
“Dad asked me to order fruits from Instamart and I forgot," reads a part of the post shared by a daughter. She also tweeted a screenshot of a WhatsApp story. | Trending Key Points
Hindustan TimesSwiggy delivery agent tries scamming customer in Gurgaon, becomes aggressive when denied money
The customer shared that the incident happened in Gurgaon. The agent told the user that his wife is pregnant and he needs ₹5,000 for the operation fee. | Trending Key Points
Hindustan TimesSwiggy will now deliver food in trains, partners with IRCTC
Swiggy, a prominent food delivery service in India, is partnering with Indian Railways to deliver pre-ordered meals to passengers via IRCTC's e-catering portal. The service, expected to launch soon, aims to enhance the passenger experience by providing a variety of food options during train journeys. Key Points
India TodayMan gets fake SMS from Swiggy about order, ends up losing Rs 38,000 in online scam
In a concerning turn of events, a sales executive based in Bengaluru experienced a financial setback as he fell victim to an online scam, resulting in a loss of over Rs 38,000 from his LazyPay loan application account. Here is what happened. Key Points
India TodayNow get free Swiggy Lite subscription with Rs 866 Reliance Jio prepaid plan: Details inside
Jio, India's leading telecom operator, has launched a new prepaid plan that includes a Swiggy One Lite subscription. This partnership offers Jio prepaid customers a comprehensive entertainment and food delivery experience during the festive season. Key Points
India Today
Indians ordered 3.3 cr plates of Idli on Swiggy in last one year
The analysis also revealed that the most popular time to order idlis is between 8 am to 10 am, with consumers from Chennai, Hyderabad, Bangalore, Coimbatore and Mumbai also ordering idlis during dinner time. Interstingy, a single user from Hyderabad spent a whopping Rs 6 lakh on Idlis in the last 12 months. Key Points
Economic TimesOnline deliveries in deep water after heavy rains as monsoon lashes northern India
Heavy rains in urban areas, including Delhi and the National Capital Region, have severely affected online deliveries. The flooding of roads and the overwhelmed drainage system caused delivery services such as Swiggy, Zomato, Zepto, and Milk Basket to stop accepting orders. Many consumers, especially those in need of daily essentials, food, and medicine during the pandemic feel cut off. Restaurants are also facing severe disruption, with kitchen operations, supplies, and dine-ins being hampered as well. Key Points
Economic TimesYear-Ender 2023: Notable executives take entrepreneurial plunge into startup abyss this year
2023 saw a decline in global venture funding for Indian startups, but high-profile executives still entered the startup world in sectors like fintech and healthcare. Top executives like Sachin Kataria, Dale Vaz, and others left their lucrative jobs to launch their startups in 2023. Key Points
mintPhonePe racks up $200 million from Walmart, Swiggy’s zero commission offer for new restaurants
Happy Friday. After its hive-off from Flipkart, digital payments firm PhonePe's fundraising continues. Today, the company said it has added another $200 million from its parent Walmart as part of its ongoing funding round. This and more in today's ETtech Top 5. Key Points
Economic Times