Bengaluru-based food and delivery company Swiggy has received a go-ahead from its shareholders for its initial public offering (IPO), as per regulatory filings.

The company is looking to raise up $450 million in fresh capital, and has an offer-for-sale (OFS) component of up to $800 million, according to filings.

Swiggy is yet to file IPO documents with SEBI and has been pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy its shares at a 20 per cent discount. The company was recently valued at $12.7 billion, according to its early backer Invesco.

Swiggy is amongst a slew of new-age tech companies--- Firstcry, Ola Electric, Mobikwik, Unicommerce and Awfis, among others which are planning for an IPO in this year.

The special resolution was passed at an extraordinary general meeting (EGM) of Swiggy’s shareholders on April 23.

The filings also noted that the company’s cofounders Sriharsha Majety and Nandan Reddy were appointed executive directors of the company. Majety was designated as managing director and group CEO, while Reddy was named whole-time director and head of innovation.

Recently, the company had merged its premium grocery vertical InsanelyGood with its quick commerce vertical Instamart. In January, Swiggy brought down its workforce by 6 per cent, affecting around 400 roles, as part of cost-saving measures.

US-based asset management firm Baron Capital Group also marked up the fair value of its stake in Swiggy. The company also changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd through a special resolution passed by its shareholders. It had again changed its registered name Swiggy Pvt Ltd to Swiggy Ltd.

Swiggy had appointed Anand Kripalu as an independent director and the chairperson of its board of directors in December last year. Kripalu was earlier the managing director and global CEO of Essel Propack Ltd.

In FY23, Swiggy reported revenue from operations of ₹8,265 crore, a 45 per cent jump from FY22, while its net loss also increased 15 per cent to ₹4,179 crore.

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