Message: Return type of CI_Session_null_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
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Following the announcement of its initial public offering (IPO), Swiggy has drawn significant attention from various celebrities in sports and entertainment, acquiring stakes in the restaurant aggregator before it hits Dalal Street. Notable investors include cricket legends Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, filmmaker Karan Johar, and actor Ashish Chowdhry. According to the Economic Times, around 200,000 shares of Swiggy's parent company, Instamart, have already been traded in the unlisted market.
This isn't Swiggy's first time attracting star power; previous investors include Bollywood icons Madhuri Dixit Nene and Amitabh Bachchan, along with entrepreneur Ritesh Malik. However, the latest draft red herring prospectus (DRHP) submitted to the Securities and Exchange Board of India (SEBI) lists only Sachin Tendulkar and his wife Anjali as notable investors.
Swiggy's rapid ascent in the food delivery sector has established it as one of India's leading tech startups, with a focus on quick commerce and hyperlocal logistics, drawing heightened investor interest. The company is targeting a valuation of approximately ₹83,365 crore (around $10 billion) in its IPO.
Rebranded from Bundl Technologies to enhance its market identity, Swiggy plans to raise approximately ₹10,700 crore through this public offering. The IPO will consist of a fresh issue worth ₹3,750 crore, alongside existing shareholders offloading stakes up to ₹6,950 crore.
Prior to the filing, Swiggy's shares changed hands at prices ranging from ₹330 to ₹375, placing the company's valuation between ₹73,811 crore and ₹83,365 crore. In April, Swiggy made a confidential filing with SEBI, utilizing a new process that allows for discreet sharing of financials and key performance indicators, which will be included in the draft prospectus for final approval.
