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Swiggy Founders Sell Shares Worth Rs 300 Cr Pre-IPO

  • Swiggy founders Sriharsha Majety and Nandan Reddy sold shares worth Rs 300 crore ($36 million) since April 2024, ahead of the company’s anticipated IPO.
  • Majety and Reddy established Swiggy in 2013 and currently hold 6.23% and 1.76% stakes respectively.
  • The share sale was done to meet the ESOPs-related tax liabilities for the founders.
  • Swiggy is listing as a professionally managed company, not a promoter-run company, as the founder's shareholding is below the 10% mark.
  • Swiggy disclosed its initial prospectus for a $1.25-billion IPO, targeting a valuation of $12-15 billion. Source: The Arc
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