Tech3 | Swiggy's IPO party gets bigger; How WazirX hack wrecked lives; and more

In today’s Tech3 newsletter, Swiggy's IPO party gets bigger; How WazirX hack wrecked lives?

One quick thing: PE, VC-driven deals to face enhanced competition scrutiny under new rules

In today’s newsletter:?

• Swiggy's IPO party gets bigger
• How the WazirX hack wrecked lives
• Key takeaways from Ather's DRHP

Swiggy’s IPO party gets bigger Swiggy’s much anticipated public market debut just got hotter. Days before filing its draft initial public offering (IPO) papers, the company has sprung a surprise.?

Driving the news: The food tech giant is set to increase the total size of its IPO to around Rs 11,600 crore ($1.4 billion), according to internal documents we reviewed.?

• That is an increase from Rs 10,415 crore ($1.25 billion) which was the plan back in April
• The additional Rs 1,250 crore ($150 million) will come in the form of fresh issue of shares which has increased from Rs 3,750 crore ($450 million) to Rs 5,000 crore ($600 million) now
• The offer for sale (OFS) component remains unchanged at Rs 6,664 crore ($800 million) for now?

Increasing competition: It is also likely that the competitive landscape has nudged Swiggy to raise more capital and ready a cash chest. Since filing its draft IPO papers in April, a lot has changed.??

• Rivals like Zomato and Blinkit have improved profitability and grown market capitalisation
• Zepto has raised $1 billion in capital and picked bankers for its IPO, we reported exclusively
• Walmart has entered and is expanding Flipkart Minutes, its quick commerce unit?

Naturally, if the board approves Swiggy’s proposal at the October 3 extraordinary general meeting (EGM), having additional money in its coffers will help retain its edge.?

• The decision to increase IPO size also comes at a time when Swiggy has improved its financials and narrowed the gap?with arch rival Zomato?

In other news:?In the run up to the festive season, Swiggy is also amping up Instamart offerings.?

• The company has added five new cities, Mangalore and other non-metro regions, in the past one week and is now present in a total of 43 cities

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