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 $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.
“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,” Fabricio Bloisi, CEO of Prosus, said.
“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 $4.2 billion in full year 24.
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.
“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,” Sriharsha Majety, founder and Group CEO of Swiggy, said.
“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 $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.
Prosus CEO Aims To Create $100 Billion In Value Through Fast-Growing, Profitable Ventures
By Gugu Lourie
Prosus and Naspers CEO Fabricio Bloisi has marked his first 100 days at the helm by sharing an update with shareholders.
In his letter, Bloisi outlined his ambitious vision for the future, stating that Prosus, currently valued at around $100 billion, is set to drive further growth.
He emphasized his commitment to creating another $100 billion in value by focusing on building and investing in fast-growing, profitable businesses.
Bloisi also reassured shareholders that these efforts would generate substantial returns, reinforcing his focus on long-term value creation.
