Tech3 | Investors greenlight Swiggy's $1.2B IPO; Prosus' Ashutosh Sharma takes on a bigger mandate; and more

Alert: Bengaluru goes to polls tomorrow. BJP aims to extend winning streak; Congress seeks breakthrough with guarantees.

One quick thing: Capital Group buys additional 6.24% stake in PB Fintech for Rs 2,770 cr?

In today’s newsletter:?

• Investors greenlight Swiggy's $1.2B IPO?
• Prosus' Ashutosh Sharma takes on a bigger mandate
• Is Meta's AI bet another white elephant?

Investors greenlight Swiggy's $1.2B IPO

Swiggy's much-anticipated initial public offering (IPO) is gaining momentum!

?Driving the news: The Indian food delivery giant has received the green light from its shareholders for a $1.25 billion IPO , slated for later this year.?

• Of the total, $450 million will be through a fresh issue and the remaining $800 million will be the offer-for-sale (OFS) component?

• Swiggy also plans to raise Rs 750 crore (almost $100 million) from anchor investors in a pre-IPO round, regulatory filings showed

Investor landscape: As one of India's most well-funded startups, Swiggy boasts over $3.6 billion raised to date.

• Prosus, the largest shareholder with a 32% stake, is expected to offload some shares to bring its ownership down to 25% through the OFS component

• Other notable investors include SoftBank, Accel, Elevation, and Alpha Wave

With the IPO on the horizon, Swiggy's quick-commerce arm, Instamart, takes centre stage. Speaking of quick-commerce, the government is putting these companies' claims to the test.

Prove or tweak: The Central Consumer Protection Authority (CCPA), under the Ministry of Corporate Affairs (MCA), has asked quick commerce companies to show data that reveals their median delivery time .

• If Swiggy, Blinkit, Zepto, and Big Basket (BB Now) can all justify that their deliveries are being done in 10-14 minutes, they're good. Otherwise, they need to tweak their ads, sources told us?

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