Swiggy Allots 163 Mn Bonus Shares Worth INR 16,310 Cr To Its Founders, Investors

Swiggy Allots 163 Mn Bonus Shares Worth INR 16,310 Cr To Its Founders, Investors

SUMMARY

Swiggy has allotted bonus CCPS to equity shareholders in a ratio of 1:14000

Swiggy founders Sriharsha Majety, Lakshmi Nandan, and Rahul Jamini will receive 144.6 Mn bonus shares

Former Indian cricketer Sachin Tendulkar and his wife Anjali Tendulkar will also receive bonus CCPS of 2,11,400 as opposed to their 151 equity shares

Bengaluru-based food delivery aggregator Swiggy has issued around 163 Mn bonus shares to its 30 shareholders. 

Board of directors of Swiggy during an extraordinary general meeting held on January 3 have decided to approve the issuance of 16,31,05,600 bonus CCPS in a ratio of 1:1400 to its shareholders. This means, for every one equity share, 1,400 bonus CCPS have been allotted by Swiggy. 

The said bonus CCPS can be converted into equity shares either in 1:1 ratio, 1: 1.6 ratio, or 1: 0.8 ratio depending upon the investors and the company. 

Swiggy is allotting the bonus shares at a face value of INR 1,000, meaning the total value of bonus shares is pegged at INR 16,310 Cr 

As per the regulatory filings, Swiggy’s founders Sriharsha Majety, Lakshmi Nandan and Rahul Jaimini who hold equity shares in the tune of 61,125, 24,087, and 18,182 respectively will receive bonus shares of 85.5 Mn, 33.7 Mn, 25.4 Mn respectively. 

While Swiggy’s early backers Elevation Capital and Accel India will get 1.4 Mn bonus shares, Alpha Wave Ventures, Coatue, DST, Norwest Capital to get 3.76 lakh, 14,000, 28,000 and 14,000 bonus shares respectively. 

SoftBank, Hadley Harbour, Harmony Partners are also among the 27 investors to receive bonus shares. Former Indian cricketer Sachin Tendulkar and his wife Anjali Tendulkar will also receive bonus CCPS of 2,11,400 as opposed to their 151 equity shares. 

The move seems to be in lines with Swiggy going for a public listing before the end of the year. Swiggy is likely to join the likes of edtech giant BYJU’s, Bhavish Aggarwal OLA, and B2B ecommerce startup Udaan who will be trying their luck at the public market. 

Last year, Swiggy had announced that it will be investing $700 Mn in its quick commerce business Instamart. Swiggy has been flexing its muscle in the growing quick commerce segment through Instamart, where it is going head-to-head with Zomato’s Grofers and now Reliance-backed Dunzo. Mumbai-based Zepto, a startup founded by two 19-year-old Stanford dropouts have turned heads as it has managed to raise $160 Mn within months of starting operations. 

As per a RedSeer report, the quick commerce market in India is expected to reach $5 Bn by 2025 from the current $0.3 Bn.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Swiggy Allots 163 Mn Bonus Shares Worth INR 16,310 Cr To Its Founders, Investors-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Swiggy Allots 163 Mn Bonus Shares Worth INR 16,310 Cr To Its Founders, Investors-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Swiggy Allots 163 Mn Bonus Shares Worth INR 16,310 Cr To Its Founders, Investors-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Swiggy Allots 163 Mn Bonus Shares Worth INR 16,310 Cr To Its Founders, Investors-Inc42 Media
Swiggy Allots 163 Mn Bonus Shares Worth INR 16,310 Cr To Its Founders, Investors-Inc42 Media
You’re in Good company