Swiggy shareholding structure and key management personnel

A giant of the food industry Swiggy submitted its first revised draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) on Thursday (September 26) for an INR 3,750 ($450 million) initial public offering (IPO).

According to DRHP, the public issue involves a fresh issue of shares worth Rs 3,750 Cr along with an offer for sale (OFS) of Rs 18.53 Cr of equity shares.

With recent reports suggesting buying shares at around INR 350 per piece, OFS is estimated to be around INR 6,485, which means the total IPO size will be close to INR 10,000 Cr ($1.2 billion

Among the notable investors, Accel, Coatue, Alpha Wave, Elevation, Norwest and Tencent will dispose of their shares through OFS. Specifically, Accel India IV (Mauritius) Ltd will divest 1.05 Lakh shares and Alpha Wave Ventures will sell 55.73 Lakh shares.

Swiggy intends to use the IPO proceeds for various strategic initiatives, including an amount of Rs 929.5 Cr for marketing and promotional activities, investments in cloud technology and infrastructure, inorganic growth through acquisitions and general corporate purposes.

Not to mention, the startup has already committed Rs 982.4 Cr to its ‘essential subsidiary’ Scootsy to set up a network of dark stores and cover rental and licensing costs.

Swiggy’s DRHP also highlights that Scootsy Logistics Private Ltd. will offer supply chain services such as warehouse management, warehouse processing and order fulfillment services to wholesalers and retailers.

Kotak Mahindra Capital, JP Morgan India, BofA Securities, Citigroup Global and Jefferies are among the leading book-running managers for the IPO. After obtaining SEBI approval, Swiggy will list its shares on the NSE and BSE.

On the financial front, DRHP said Swiggy’s net losses increased by over 7% to Rs 605.7 Cr in Q1 FY25 as compared to Rs 562.8 Cr in the same quarter of the previous financial year. Despite this, the company’s operating revenue increased by almost 35% to Rs 3,222.2 Cr in June, compared to Rs 2,389.8 Cr in Q1 FY24.

While food delivery remains Swiggy’s main source of revenue, its Instamart fast commerce division is also becoming increasingly important. However, it still faces stiff competition from its rivals like Zomato and Blinkit.

While Swiggy has strengthened its leadership team nominations of experienced managersits success in various industries, including Instamart and Dineout, will depend largely on its strategic leadership.

Swiggy’s 532-page draft document sheds light on its shareholding structure and introduces the people heading the startup.

Shareholding pattern

The largest shareholder with 30.95% stake in Swiggy is MIH India Food Holdings BV, a subsidiary of Naspers

The startup’s second-largest shareholder with a 7.75% stake is SVF II SONGBIRD (DE) LLC, part of SoftBank Vision Fund II, followed by Accel with a 6.08% stake.

While Elevation Capital V Limited owns 3.10% of Swiggy, Norwest Venture Partners VII-A-Mauritius holds 3.41% stake and Inspired Elite Investments Limited holds 3.88%.

DST EuroAsia V BV and Tencent Cloud Europe BV hold 3.23% and 3.64% of the shares respectively.

HH BTPL Holdings II Pte. Ltd. holds 1.16% stake in Swiggy, while Coatue PE Asia XI LLC holds 2.23% stake.

OFI Global China Fund, LLC holds 1.78%, Alpha Wave Ventures II, LP holds 1.21%, and INQ Holding LLC holds 2.95%.

In terms of the co-founders’ shares, Sriharsha Majety holds 6.23% stake in Swiggy, Lakshmi Nandan Reddy Obul holds 1.76% and Rahul Jaimini holds 1.14%.

Board of Directors

Sriharsha’s height

Sriharsha Majety is the co-founder, managing director and group CEO. He has over 10 years of experience in the company.

Lakshmi Nandan Reddy Obu

Lakshmi Nandan Reddy Obul is the co-founder of Swiggy and full-time Director – Head of Innovation on the Swiggy Board. Previously, he worked with Intellectual Capital Advisory Services Pvt. z o. o. (Intellecap) as a partner, business consulting.

Ananda Kripalu

Anand Kripalu has been an Independent Director and Chairman of our Board of Directors since December 4, 2023. He is currently Managing Director and Global Chief Executive Officer of EPL Limited. Previously, he was associated with Diageo in India – United Spirits Limited for 8 years. Moreover, he was also associated with Cadbury Schweppes Asia Pacific, Hindustan Lever Limited and DCM Data Products.

Shailesh Vishnubhai Haribhakti

Shailesh Vishnubhai Haribhakti has been an Independent Director of Swiggy since January 24, 2023. He has over 15 years of experience having previously worked with Blue Star Limited, L&T Finance Holdings Limited, Raymond Limited, Ambuja Cements Limited and Torrent Pharmaceuticals Limited.

Sahil Barua

Sahil Barua has been an Independent Director on the Swiggy Board since January 24, 2023. He has been the Co-Founder and CEO of Delhivery Limited for over 11 years and previously worked with Bain and Company India Private Limited as a consultant for over 2 years.

Suparna Mitra

Suparna Mitra has been an independent director on the board of Swiggy since April 1, 2024. She was the CEO of Titan Company Limited’s watches and wearables division for 18 years and also served on the Board of Governors of the Indian Institute of Management, Kozhikode for 5 years. Additionally, she previously served as a member of the board of directors of Tata Power Solar Systems Ltd.

Anand Daniel

Anand Daniel has been a Nominee (Non-Executive) Director on the Swiggy Board since July 10, 2015. He was previously associated with Accel India Management LLP for 4 years and is currently associated with Accel Partners India LLP as a Partner for 10 years.

Ashutosh Sharma

Ashutosh Sharma has been a Nominated (Non-Executive) Director on the Swiggy Board since June 21, 2017. He is currently associated with MIH Internet India Private Limited as Investment Partner, Grow+ and has been associated with Prosus Group for over 7 years. He was previously associated with Norwest Venture Partners as Vice President and Qualcomm India Private Limited.

Sumerian Juneia

Sumer Juneja has been a Nominated (Non-Executive) Director on the Swiggy Board since July 27, 2021. He is currently Managing Partner and Head of Europe, Middle East and Africa (EMEA) and India at SB Investment Advisers (UK) Limited. Previously, for 4 years he was associated with entities related to SB Investment Advisers (UK) Limited. NVP Venture Capital India Private Limited as a director for over 9 years.

Roger Clark Rabalais

Roger Clark Rabalais has been a Nominated (Non-Executive) Director on the Swiggy Board since December 4, 2023. He is currently associated with Prosus Services BV and has been associated with the Prosus Group for over 10 years.

Key management personnel

Phani Kishan Addepalli

Phani Kishan Addepalli is the Director of Development. He has been associated with the company since March 10, 2015. Before joining the company, he was associated with Boston Consulting Group (India) Private Limited as a senior associate.

Rohit Kapoor

Rohit Kapoor is the CEO – marketplace food company. He has been associated with the company since August 16, 2022. Prior to joining the company, he was with Oravel Stays Limited (OYO) as Global CMO and Max Healthcare Institute Ltd. as Senior Director and Chief Growth Officer, Business Development, McKinsey & Company Inc. – India branch as engagement manager.

Madhusudhan Rao Subbarao

Madhusudhan Rao Subbarao is the company’s Chief Technology Officer. He has been associated with the company since June 21, 2018. Before joining the company, he was associated with Boomerang Commerce India Private Limited and Amazon. He joined the company as vice president of engineering.

Girish Menon

Girish Menon is the company’s Chief Human Resources Officer. He has been associated with the company since April 19, 2016. Before joining the company, he was associated with Flipkart Internet Private Limited as Associate Director – HRBP, Indus Mobile Distribution Private Limited as Vice President – HR, HSBC as Vice President President – Regional HR, Vistaar Livelihood Financial Services Private Limited as Vice President – Human Resources and Fullerton India Credit Company Limited as Assistant Vice President.

Amitesh Jha

Amitesh Jha has been serving as CEO – Instamart since September 4, 2024. Previously, he was with Flipkart Private Limited as Senior Vice President for 14 years.

Rahul Bothra

Rahul Bothra is the company’s chief financial officer. He has been associated with the company since September 1, 2017. Before joining the company, he was associated with Wipro Limited, Britannia Industries Limited and Olam International Limited.

M. Sridhar

M. Sridhar is Company Secretary and Compliance Officer. He has been associated with the company since February 5, 2024, and on April 1, 2024, he was appointed company secretary and compliance specialist. Before joining the company, he was associated with Himatsingka Seide Limited, Prestige Estates Projects Limited, Shyamaraju & Company (India) Private Limited, GMR Energy Limited, S&S Power Switchgear Limited, Teledata Marine Solutions Limited and Peerless Securities Limited.