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Swiggy raises fresh share size to INR 4,499 cr, files RHP

By
Ashutosh Dubey
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After much anticipation, Swiggy filed its red herring prospectus (RHP) late on Monday, October 28. According to the IPO papers, the public issue will open for subscription from November 6 to November 8, with anchor investors bidding on November 5.

Swiggy reduces OFS to 17.5 Cr equity shares

According to the RHP, Swiggy has raised the fresh issue size to INR 4,499 Cr from INR 3,750 Cr in the updated DRHP. However, this is lower than the INR 5,000 Cr approved by shareholders recently.

Continue Exploring: Swiggy sets IPO price band at INR 371-390, valuing company at $11.3 Bn

Notably, the company has reduced its offer for sale (OFS) to up to 17.5 Cr equity shares from 18.53 Cr in the updated DRHP filed in September. This is due to Naspers’ subsidiary MIH India Food Holdings selling 10.9 Cr shares now, instead of 11.82 Cr as mentioned in the updated DRHP.

Meanwhile, Swiggy hasn’t disclosed its IPO price band yet, but reports suggest it will be between INR 371 and INR 390. At the upper end, the IPO size would exceed INR 11,300 Cr ($1.3 Bn). Swiggy will likely finalise the share allotment by November 11, credit shares to successful bidders’ demat accounts by November 12, and list the shares on BSE and NSE on November 13.

Swiggy uses INR 1,178.7 cr to expand dark stores

Regarded as the second biggest IPO of the year, the public issue will see investors like Accel, Apoletto Asia, Alpha Wave Ventures, Coatue, Elevation Capital, Norwest Venture Partners, and Tencent selling shares through the OFS component. Cofounders Sriharsha Majety (managing director and group CEO), Lakshmi Nandan Reddy (whole-time director, head of innovation), and Rahul Jamini will also sell some of their shares.

Continue Exploring: Tata CLiQ teams up with Bvlgari to bring luxury products online in India

Furthermore, Swiggy has saved 75% of the IPO for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. The company has also set aside 7.5 Lakh shares for its employees. According to the RHP, Swiggy will use INR 1,178.7 Cr to expand its dark store network, INR 1,115.3 Cr for brand marketing and business promotion, and INR 164.8 Cr for its logistics subsidiary, Scootsy.

Some capital will also be used for acquisitions and general corporate purposes. Financially, the company’s net loss increased by 8% YoY to INR 611 Cr in Q1 FY25. Operating revenue grew 35% YoY to INR 3,222.2 Cr in the same quarter.

Earlier, Swiggy’s net loss was INR 2,350 Cr in FY24, down from INR 4,179.3 Cr in FY23. Revenue from operations increased by 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr in the previous year.

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Swiggy sets IPO price band at INR 371-390, valuing company at $11.3 Bn

By
Ashutosh Dubey
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0

Swiggy has set the price band for its upcoming IPO at INR 371-390. At the upper end, the company will be valued at $11.3 Bn (about INR 11,700 Cr). The company is likely to file its red herring prospectus by tonight.

Swiggy’s IPO to open on Nov 6

According to Economic Times, the INR 11,300 crore IPO, one of India’s largest this year, is likely to open on November 6. It will include a INR 6,800 crore secondary sale (OFS) and INR 4,500 crore in primary capital, going directly to the company.

Continue Exploring: Flipkart Internet achieves 21% revenue growth, cuts losses by 41%

Initially, Swiggy aimed for a $15 Bn IPO valuation. Last week, it was reported that Swiggy plans to lower its valuation target to $12.5-13.5 Bn due to the recent sharp fall in the Indian stock market. Earlier this month, Swiggy’s investor Invesco valued the startup at $13.3 Bn, about $2 Bn more than the current target.

Swiggy to raise INR 4,500 Cr through fresh issue of shares

Furthermore, the company got shareholder approval to increase the fresh issue size to INR 5,000 Cr from the initial INR 3,750 Cr. It filed its updated draft red herring prospectus (DRHP) in September and aims to raise INR 4,500 Cr through a fresh issue of shares and up to INR 7,226 Cr via offer for sale.

Continue Exploring: Swiggy’s $11.3 Bn IPO Opens on November 6

Additionally, the company has introduced several new services ahead of its IPO. Previously in October, it launched Swiggy Bolt, a quick-to-prepare food service, in select Indian cities. It’s also testing a high-priced concierge membership called Rare Club, offering exclusive experiences and events, available for an annual fee of INR 50,000.

Recently, the foodtech giant introduced ‘Swiggy XL EV’, a bulk order service for serving large groups.

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Siyaram’s introduces men’s fashion brand ‘Devo’, opens store in Lajpat Nagar

By
Ashutosh Dubey
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0

Siyaram’s, a fashion and apparel brand, announced the launching of Devo, a men’s occasion wear brand, along with the opening of its first flagship store in Lajpat Nagar on Monday, October 28.

According to Indian Retailing, Ramesh Poddar, chairman of Siyaram’s released a statement regarding the inauguration, saying, “With Devo, we’re not just introducing another fashion label. We’re expanding Siyaram’s legacy into an entirely new realm, blending decades of expertise in creating India’s finest fabrics into garments that truly capture the essence of the modern Indian man.”

Continue Exploring: Big Hello opens 5th ‘Experience Store’ in Hyderabad, expands plus-size fashion

Siyaram produces 60 mn metres of fabric

Furthermore, Devo, Siyaram’s new men’s occasion wear brand, blends Indian heritage with modern style. The first flagship store in Lajpat Nagar marks the start of Devo’s retail journey, with plans to expand across India, offering its collection to customers nationwide.

Notably, Siyaram Silk Mills Ltd. is a top producer of high-fashion blended suiting, shirting, and apparel with 30+ years of experience. They make over 60 million metres of fabric yearly and have a vast network of 60,000 retailers, 450 dealers, and a sales team of 400+ employees.

Meanwhlie, Siyaram’s shows its commitment to customer value with modern, eco-friendly machinery at its plants in Tarapur, Daman, and Mumbai.

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Tata CLiQ teams up with Bvlgari to bring luxury products online in India

By
Ashutosh Dubey
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0

Tata CLiQ Luxury, India’s top luxury retail platform, has partnered with Bvlgari, introducing the iconic Roman jeweller to India’s e-commerce market. This partnership will offer Bvlgari’s jewellery, handbags, and watches to online shoppers across India, meeting the growing demand for high-end luxury.

Bvlgari luxury products on Tata CLiQ

Notably,the digital boutique offers a selection of Bvlgari’s famous pieces, including India-inspired items like the B.zero1 Kada Bracelet and Bvlgari Bvlgari Mangalsutra. It also features popular collections such as the Serpenti Viper bracelets and B.zero1 rings. The platform includes Bvlgari timepieces like the Serpenti, Octo Finissimo, and Octo Roma, as well as luxury leather goods and accessories.

Continue Exploring: Flipkart Internet achieves 21% revenue growth, cuts losses by 41%

According to Indian Retailer, Gopal Asthana, CEO of Tata CLiQ released a statement, saying, “We are honoured to welcome Bvlgari to Tata CLiQ Luxury. Known for their unparalleled craftsmanship and exquisite designs, we are proud to be their e-commerce partner in the country. The jewellery, watch, and accessories categories on the platform are of key focus, and with this launch, we are elevating our portfolio further. Our endeavour is to bring iconic luxury brands to consumers across India, and we look forward to offering consumers an unmatched online luxury shopping experience.”

Tata CLiQ brings online luxury experience via Bvlgari

Furthermore, Tata CLiQ Luxury and Bvlgari are offering a luxury concierge service to improve the online shopping experience. Experts trained by Bvlgari will provide personalised support and detailed product guidance to customers during their shopping.

Continue Exploring: Bigbasket teams up with Tanishq for 10-Minute gold and silver coin deliveries

Meanwhile, Jean-Christophe Babin, CEO of Bvlgari stated, “We are thrilled to mark a new chapter for Bvlgari in India through our partnership with Tata CLiQ Luxury, India’s leading luxury lifestyle platform. This important partnership allows us to bring our iconic designs across India, meeting customers with whom we share a deep love for beauty, excellence, and exquisite craftsmanship. Together, we want to offer our customers an online shopping experience through the same attention and warm welcome that can be found in our boutiques.”

This partnership lets Indian consumers access Bvlgari’s luxury creations, expanding the brand’s presence in India’s retail market.

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Flipkart Internet achieves 21% revenue growth, cuts losses by 41%

By
Ashutosh Dubey
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0

Flipkart Internet, the marketplace arm of Flipkart, saw its revenue grow by 21% year-on-year to INR 17,907.3 Cr in FY24, as per Tofler’s regulatory filings.

Flipkart Internet fee income remain stable 

Notably, the company saw a 41% drop in losses to INR 2,358 Cr. Its marketplace fee income remained stable at INR 3,734.2 Cr compared to INR 3,713.2 Cr the previous year. However, income from collection services increased to INR 1,225.8 Cr from INR 1,114.3 Cr.

Continue Exploring: Bigbasket teams up with Tanishq for 10-Minute gold and silver coin deliveries

Previously in this year, the company got INR 1,421 Cr (around $170 Mn) from its Singapore parent through an internal cash transfer. The transfer was in two parts—on March 23 and April 6, according to RoC filings. This is the second big fund infusion by the Singapore-based parent into Flipkart Internet.

Flipkart receives $282 Mn in 2024

In September, Flipkart Internet got about INR 924 Cr ($111 Mn). In 2024, it received around $282 Mn from its Singapore entities. Facing strong competition from quick commerce players in India, it launched a new venture called ‘Flipkart Minutes’ in select cities.

Continue Exploring: Arya.ag secures $19.8 Mn from US DFC, aims debt support for Aryatech

Additionally in April 2024, Flipkart made Hemant Badri, its senior VP and group head of supply chain, the head of its quick commerce division. The ecommerce giant is also considering operating about 100 dark stores to boost its quick commerce efforts during the festive season.

Furthermore, the company’s operating revenue grew 42% year-on-year to INR 14,845.8 Cr in FY23. Its loss decreased by 9% to INR 4,026.5 Cr from INR 4,419.5 Cr in FY22.

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Bigbasket teams up with Tanishq for 10-Minute gold and silver coin deliveries

By
Ashutosh Dubey
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0

For the festive season, bigbasket, a TATA company, has teamed up with Tanishq to offer exclusive gold and silver coins for Dhanteras. Customers can order Tanishq’s Lakshmi Ganesh Silver Coin (10 g, 999.9 purity), 22 Karat Gold Coin (1 g), and 22 Karat Gold Coin with Lakshmi Motif (1 g) on bigbasket and get them delivered within 10 minutes.

Bigbasket to offer Diwali wish lists in 10 mins

As Dhanteras marks the start of Diwali and is a key time for buying gold and silver to symbolise wealth and prosperity. Bigbasket’s quick delivery lets customers in many cities across India celebrate this tradition easily and conveniently.

Continue Exploring: Arya.ag secures $19.8 Mn from US DFC, aims debt support for Aryatech

According to Indian Retailer, Seshu Kumar, Chief Buying and Merchandising Officer, bigbasket released a statement regarding the collaboration, saying, “Our partnership with the Tata ecosystem and in particular the collaboration with Tanishq is very strategic for us.”

“We have always been known as a strong player in food & perishables as a category, however, with such collaborations, we hope that our customers see value in our extended offering – whether it is Gold & Silver coins or electronics or home appliances. This Diwali, bigbasket is committed to fulfilling all our customers’ Diwali wish lists in 10 mins,” – he added.

Bigbasket to collaborate with Tata for “Neu Flash”

Meanwhile, Pelki Tshering, Chief Marketing Officer, Tanishq commented, “We are thrilled to partner with bigbasket to bring our exquisite gold and silver coins directly to customers’ homes. Dhanteras holds immense significance, and through this partnership, we aim to make it easier for people to partake in the time-honoured tradition of purchasing gold, symbolising prosperity and good fortune.”

Continue Exploring: Tata to introduce “Neu Flash”, targets to expand in Q-commerce sector

This collaboration shows bigbasket’s effort to go beyond groceries and meet the demand for high-value items like gold and silver. With a 10-minute delivery, bigbasket combines trust, quality, and convenience, making it the go-to place for Diwali essentials this year.

Furthermore, Tata group’s ecommerce venture, Neu, is introducing “Neu Flash” for quick commerce. This service will offer groceries, electronics, and fashion to select users. Neu Flash will use BigBasket for groceries, Croma for electronics and phones, and Tata Cliq for fashion and lifestyle products, starting with select SKUs.

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Arya.ag secures $19.8 Mn from US DFC, aims debt support for Aryatech

By
Ashutosh Dubey
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0

Agritech startup Arya.ag has received a $19.8 Mn (INR 166.4 Cr) commitment from US International Development Finance Corporation (DFC) to provide a debt facility for its agri-commerce subsidiary Aryatech.

Arya.ag to use $19.8 Mn fund to connect with FPOs

According to INC42, this round will help Arya.ag better connect farmers and Farmer Producer Organisations (FPOs) with buyers across India by offering payment security, ensuring transparent transactions, and improving market access.

Continue Exploring: Tata to introduce “Neu Flash”, targets to expand in Q-commerce sector

Regarding the funding, Prasanna Rao, co-founder and CEO of Arya.ag commented, “This commitment from DFC represents a significant milestone in our mission to transform India’s grain commerce ecosystem. The facility will enable us to connect more farmers and FPOs to buyers much beyond their existing networks creating a more efficient and inclusive agricultural marketplace.”

Arya.ag raises $100 Mn in total 

This round comes after a $29 Mn equity raise last quarter. Reportedly, in July they raised $29 Mn in a pre-Series D round. Overall, the startup has raised over $100 Mn in total funding.

Established in 2013, Arya.ag is a grain commerce platform helping farmers sell produce, offering storage, financing, and transparent trade. It operates in 60% of Indian districts with 11,000 agri-warehouses, promoting fair agricultural value chains.

Continue Exploring: Lahori to raise INR 400 Cr, tripling Its valuation

Meanwhile, the startup has three divisions: Arya Collateral, Aryadhan, and Aryatech. Aryatech, launched in 2021, offers an online marketplace for buying and selling food grains. “This transaction aligns with our goal of supporting economic growth and prosperity in communities across India,” said James Polan, DFC’s VP of Health & Agribusiness. The platform grew 77% last year and reported a pre-tax profit of INR 22 Cr in FY24, according to the company.

Looking ahead, Indian agritech startups are set to seize multi-billion-dollar opportunities. An EY report projects a $24 Bn market for these startups by 2025. Since 2014, investors have already poured in over $2.4 Bn, according to Inc42’s analysis.

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Tata to introduce “Neu Flash”, targets to expand in Q-commerce sector

By
Ashutosh Dubey
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0

With the rise in demand for instant deliveries in India, Tata Group plans to enter the market, competing with major players like Blinkit, Zepto, Swiggy Instamart, and Flipkart‘s ‘Minutes’ that are actively attracting consumers from larger e-commerce platforms.

Neu Flash collaborates with BBasket, Croma, Tata Cliq

According to ET, Tata group’s ecommerce venture, Neu, is introducing “Neu Flash” for quick commerce. This service will offer groceries, electronics, and fashion to select users. Neu Flash will use BigBasket for groceries, Croma for electronics and phones, and Tata Cliq for fashion and lifestyle products, starting with select SKUs.

Continue Exploring: Zomato now allows users to schedule orders up to ‘Two Days’ in advance

Sources stated that Tata is working to integrate Tata Cliq with Neu Flash and BigBasket, with strategic partnerships in progress. Additionally,  Tata-owned e-pharmacy 1mg provides a few-hour delivery in Delhi NCR but hasn’t fully launched on Neu Flash yet. Some essentials like headache medications and protein whey are available for 10-minute delivery. Tata might use Croma’s retail network for some of these deliveries, as it already offers same-day and next-day services.

Blinkit, Instamart, Zepto reports $1 Bn revenue in FY24

This move is Tata’s latest attempt to capture online shoppers. Meanwhile, competitors like Zomato-owned Blinkit, Swiggy Instamart, and Zepto have strong brand recognition and a significant market share as early entrants. These three reported over $1 Bn in revenue for FY24. The quick commerce industry in India saw sales increase by 280% over the last two years.

Continue Exploring: Bikaji shares surge 10% following 15% profit boost in Q2 FY25

In the past six months, quick commerce players have expanded their operations and added more products to meet growing consumer demand. Blinkit’s gross order value (GOV) jumped 130% to INR 4,923 Cr in Q1 FY25 from INR 2,140 Cr in the same quarter last year. It also increased by 22.2% from INR 4,027 Cr in Q4 FY24.

Blinkit now runs 639 dark stores across India, with average daily GOV per store increasing to INR 10 Lakh, up from INR 6 Lakh from 383 stores before. The company plans to expand to 2,000 dark stores by the end of 2026 while staying profitable.

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Lahori to raise INR 400 Cr, tripling Its valuation

By
Ashutosh Dubey
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0

Lahori, a Chandigarh-based beverage maker known for its local-flavoured carbonated non-alcoholic drinks, is in talks with several investors to secure INR 400 crore. This could triple the company’s valuation from its last fundraising.

Lahori valuation may reach up to INR 2700 Cr

According to Economic Times, people familiar with the matter said the financing round, a mix of primary and secondary transactions, may value the firm at INR 2,600-2,700 crore, up from INR 900 crore two years ago.

Continue Exploring: Bikaji shares surge 10% following 15% profit boost in Q2 FY25

Meanwhile, Lahori is in talks with Abu Dhabi Investment Authority and Motilal Oswal Financial Services for funding, according to an anonymous source. The transaction might involve Belgian investor Verlinvest, founded by the family behind beer maker InBev, selling part of its stake in Lahori.

Notably, Verlinvest, Lahori’s first institutional investor, invested $15 million in its series A round and currently holds a 21.2% stake. Lahori aims to raise around INR 250 crore in primary capital, with the founders also planning to sell part of their stake. “The deal is still in discussion stages… investors such as Peak XV Partners have also held talks,” said another person.

Lahori to raise manufacturing up to 8 mn bottles per day

Founded in 2017 by cousins Saurabh Munjal, Saurabh Bhutna, and Nikhil Doda, Lahori holds a 78.8% stake as per Tracxn. Their popular product, Lahori Zeera, is a cumin-flavored carbonated drink available in 160 ml and 240 ml sizes. They also offer lemon-based drinks like shikanji, popular in northern India.

Continue Exploring: Swiggy’s $11.3 Bn IPO Opens on November 6

“Lahori is growing quickly and scaling up fast. The aim is to speed up business. The primary capital will be used to increase its manufacturing capacity from 5 million bottles per day to over 8 million,” said one of the sources. The company has two manufacturing plants in Punjab and Gujarat and is working on a new facility in Uttar Pradesh.

Furthermore, Lahori’s CEO Munjal didn’t comment on the ongoing funding round. As per him, the company ended 2023-24 with INR 312 crore in revenue, nearly 50% up from the previous year, and aims to reach INR 500 crore this financial year, reported by ET.

Additionally, Lahori focuses mainly on offline sales, with 99% of its revenue coming from offline distributors, while online sales, including quick commerce, are minimal. “Almost 80% of the sales for the carbonated beverages category in India is coming from general trade… quick commerce is mainly focused on top cities for now. So, the contribution of quick commerce to our sales will grow as and when penetration increases,” Munjal stated.

He mentioned that the direct-to-consumer brand hasn’t started using quick commerce platforms outside northern India, which makes up most of its sales. “As much as 75% of our revenue is coming from North India till last year, followed by Mumbai and east India,” Munjal said. The company aims to expand its distributor network across the country. Unlike the market trend, Lahori sees a significant portion of sales from its larger stock-keeping units.

In terms of market, the Indian Beverage Association says India’s non-alcoholic beverages segment—including carbonated drinks, water, juice, and sports drinks—will grow to INR 1.5 lakh crore by 2030 from INR 67,000 crore now.

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Bikaji shares surge 10% following 15% profit boost in Q2 FY25

By
Ashutosh Dubey
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0

Bikaji Foods International‘s share price jumped 9.82% to INR 918 per share on the Bombay Stock Exchange (BSE) in Friday’s intraday trades after the company posted decent earnings for Q2 FY25.

Bikaji sees revenue growth to INR 68.6 cr

The snack maker reported a profit of INR 68.6 crore for the quarter ended September, up from INR 59.8 crore in the same quarter last year, marking a 14.71% year-on-year (YoY) increase in an exchange filing. Revenue rose by 19% year-on-year to INR 721.2 crore during this period, according to an exchange filing on Thursday.

Continue Exploring: Swiggy’s $11.3 Bn IPO Opens on November 6

For the quarter ending September, the snack company announced a profit after tax of INR 68.6 crores, increasing from INR 59.8 crores in the previous year’s corresponding quarter. This translates to a 14.71% year-on-year (YoY) growth in net profit as reported in the exchange filing. Driven by such growth, it has been reported that revenue increased at 19% year-on-year to INR 721.2 crores during the period.

Bikaji’s EBITDA rises to INR 106.7 cr

Operating income EBITDA increased by 22% to INR 106.7 crore, with the EBITDA margin rising to 14.8% from 14.4% a year ago. Analysts had expected slightly higher numbers, at INR 109 crore and a 15.3% margin.

Meanwhile, revenue from papads grew by 26%, while western snacks and packaged sweets increased by 23% and 22%. Ethnic snacks revenue rose by 10.5%, making up 63.8% of overall revenue. Papads contributed 4.1%, western snacks 8.3%, and packaged sweets 17.5%.

Continue Exploring: Swiggy Partners with PharmEasy to Launch 10-Minute Medicine Delivery

Furthermore, Managing Director Deepak Agarwal commented, “This quarter, we have witnessed a significant jump in revenue and profit margins. This surge in growth is due to the strong demand for ethnic snacks and packaged sweets, driven by the festive seasonality.”

Notably, Bikaji Foods International is the third largest ethnic snacks maker in India, selling Indian snacks and sweets globally. It’s the second fastest-growing company in India’s organised snacks market. Their products include bhujia, namkeen, packaged sweets, papad, western snacks, and other snacks like gift packs, frozen food, mathri, and cookies.

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