13 Nov 2024
Prosus-backed Swiggy completes US$1.3bn IPO in India
Underscores India as key growth market for Prosus
Gain of US$2bn on total investment
More than US$500m realised through partial stake sale
Amsterdam, 13 November 2024 – Swiggy (NSE: SWIGGY), India’s pioneering on-demand convenience platform backed by Prosus, has today listed on the National and Bombay Stock Exchanges of India (NSE and BSE), valuing the company at US$11.3 billion. Prosus sold shares worth more than US$500 million as part of the IPO.
Prosus has been a cornerstone investor in Swiggy since 2017. Following the IPO, Prosus holds a c25%1 stake and maintains its two seats on the Board.
Fabricio Bloisi, CEO of Prosus, said: “Everyone at Prosus extends huge congratulations to the Swiggy team on today’s IPO. We have supported the management team since our first investment in 2017 and have seen the company flourish in the post-pandemic era. It has diversified into new areas, expanded into new cities, and built an iconic consumer brand – placing Swiggy on a strong trajectory as a public company. Our investment in Swiggy highlights our commitment to building transformational companies and delivering returns for our shareholders by actively managing our portfolio.
“India remains a key growth market for Prosus given the country’s impressive digital transformation in the consumer and enterprise sectors. We are excited about the region and see huge opportunity for value creation including a strong IPO pipeline within our current portfolio.”
Swiggy’s listing is the second largest in India in 2024 and comes shortly after the company passed a milestone of more than 110 million total transacted users since its launch in 2014. Swiggy has a track record of innovation and strong growth and delivered a 26% year-on-year increase in gross order value to reach US$4.2bn in FY24. Swiggy currently connects consumers to more than 220,000 restaurant partners and stores in more than 680 cities in India, and its quick-commerce network has expanded to 605 dark stores across 43 cities.
Sriharsha Majety, founder and Group CEO of Swiggy, said: "The Prosus team has been an invaluable partner in our journey to this milestone, supporting us at every stage since their involvement began in 2017. Their unwavering belief in our vision has played a pivotal role in the success of both our food and 1P delivery platforms, as well as the quick commerce industry we championed in the country. With their extensive global exposure to the food ecosystem, we’ve gained valuable insights and learnings. As we continue to innovate, grow, and evolve as a publicly listed company, I look forward to deepening our collaboration and drawing on their global insights and expertise in the sector."
Prosus is a leading investor globally in the food delivery sector, having invested more than US$10 billion in companies operating across more than 70 countries. Brazilian market leader iFood, the largest food delivery company in Latin America, and Germany-listed global player Delivery Hero sit alongside Swiggy in Prosus’s food delivery portfolio. Prosus also holds a c4% stake in Meituan, the largest food delivery company globally.
1 On a fully diluted basis.
For more information, please contact:
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Charlie Pemberton Communications Director Mobile: +31 615 494 359 Email: [email protected] |
Sibusiso (Sbu) Tshabalala Head of Communications, South Africa Tel: +27 81 431 4855 Email: [email protected] |
About Naspers:
Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam, and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.
In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Superbalist, AutoTrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business.
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ), a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the United States of America.
For more information, please visit www.naspers.com.
About the Mapungubwe Institute for Strategic Reflection (MISTRA):
Since its inception in 2010, the Mapungubwe Institute for Strategic Reflection (MISTRA) has assumed a leading position in long-term, strategic and transdisciplinary research through generating research and creating platforms for engagement. Our research, policy debates, convening power and scenario planning expertise have assisted in finding lasting and effective solutions to the challenges South Africa is facing.
MISTRA deliberates on socio-economic issues that have both a local impact and a global resonance. The Institute is founded by a group of researchers, academics, policy-makers and former governance practitioners.
MISTRA carries out research that addresses the country’s complex challenges, straddling issues of nation-formation, economic growth, social equity and South Africa’s global positioning. The research is conducted through a process of engagement and facilitation, drawing on the wide range of available expertise in the country and globally.
For more information, please visit www.mistra.org.za