RATING

RECOMMENDATION

Sell

  • Swiggy Bundl Technologies Private Limited
  • ₹150.00

  • PLACE ORDER
  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Sell

Business Type

Dominant Leader

RATING

RECOMMENDATION

Sell

Business Type

Dominant Leader

Read this research to get complete analysis about Swiggy Unlisted shares.

 Swiggy IPO Details

-  Swiggy Upcoming IPO Details
-  Expected IPO Date
-  Swiggy Business Model
-  Key Ratios
-  Peer Comparisons
-  Complete financial reports (Profit and Loss Statements, Balance Sheets, Results, Growth, Valuations, Funding Rounds)
-  Latest Swiggy news (Articles and Videos)

-  Upcoming and Past Events Details
-  Rating and recommendations for the Company's shares (Whether to Buy/Sell/Hold)
-   Share Price (Latest market stocks to buy)

ISIN

U74110KA2013PTC096530

Face Value

₹1.00

Total Share

10,80,331

Total Income

₹2,641.80 Cr

Profit After Tax

-₹1,611.60 Cr

Promoter Holding

6.70 %

EPS

-₹1,62,672.86

P/B

0.01

Market Capitalisation

₹16.20 Cr

Enterprise Value

-₹195.30 Cr

Book Value

₹21,771.94

Intrinsic Value

-₹7,63,17,631.00

Earnings Yield

-108448.57 %

Sector

Consumer Staples

Sub-sector

Logistics

Category

Unicorn

Cashflow - Operations

-₹839.60 Cr

Cashflow - Financing

₹13.70 Cr

Swiggy Growth

Compounded Sales Growth

  • -26.56%

    1 Year

  • 109.16%

    4 Year

  • 429.24%

    6 Year

Pro Only

Compounded Profit Growth

  • NA

    1 Year

  • NA

    6 Year

Pro Only

Return On Equity

  • -68.52%

    2021

  • -71.40%

    2019

  • -134.25%

    2016

Pro Only

About Swiggy

Swiggy is an Indian online food ordering and delivery platform. Swiggy started its operations in Bangalore and today operates in more than 500 Indian cities. 

Swiggy does business under the following segments:-

  • Swiggy Food:- Marketplace services for food ordering and delivery segment which provides a single window for ordering from a wide range of restaurants and delivers the same to the customers
  • Instamart:- A quick delivery service that promises groceries to be delivered to the user's doorstep within 45 minutes. 
  • Dineout:- It is India's leading dining out and restaurant tech solutions platform that serves millions of diners across its network of 500,000 restaurants in 20 cities.
  • Genie:- It is a logistic service that allows one to deliver or receive anything such as lunch boxes, documents, laundry, items for repair, shoes, stationary, and other materials from one location to another from anywhere in the city.
  •  Swiggy Bandworks:- With Swiggy Bandworks, restaurant partners can create different intriguing ideas out of a single kitchen, giving customers refreshing new experiences and menus with each 'virtual kitchen'. Swiggy helps with menu creation including portioning and pricing, go-to-market strategy, marketing, and financial aspects. The brands on the other hand take care of the food and packaging as they operate out of their existing dine-in facilities.   

Founded in July 2013, in Bangalore, by its parent Bundl Technologies, Swiggy today has more than 1.5 lakh Restaurant Partners Countrywide and more than 2.6 lakh delivery executives on its platform.    

  • Swiggy IPO Details

The IPO of Swiggy is likely to come by the end of FY23. 

  • Swiggy Funding

Funded By Funding Amount Date of Investment Funding Round Fund Name
MIH India Food Holdings BV,Ghisallo Master Fund LP,Dovetail Global Fund PCC,Lathe Investment Pte. Ltd.,Time Capital Foodtech Advisors LP ₹ 486.20 Cr 18 Feb 2022 Series K2 Fund
OFI Global China Fund,Alpha Wave Ventures II LP,Baron Emerging Markets Fund,Kotak Preipo Opportunities Fund,Sixteenth Street Asian Gems Fund,Axis Growth Avenue Aif,INQ Holding LLC,IIFL Special Opportunities Fund Series 8,Segantii India Mauritius,IIFL Monopolistic Market Intermediaries Fund,Motilal Oswal,Invesco Emerging Markets Equity Trust,Navin Agarwal,Invesco Emerging Markets Equity Fund, LP ₹ 4209.60 Cr 02 Jan 2022 Series K Fund
Svf II Songbird DE LLC,MIH India Food Holdings BV,INQ Holding LLC,Alpha Wave Ventures II LP,Accel Leaders 3 Holdings (Mauritius) Ltd,Lathe Investment Pte. Ltd.,Amansa Investment Ltd,Cgh Amsia Sarl,Goldman Sachs Asia Stratagic Pte Ltd,TIMF Holdings,Think India Oportunities Master Fund,Hadley Harbor Master Investors (Cayman) II LP ₹ 9210.10 Cr 16 Apr 2021 Series J Fund
Tencent Cloud Europe BV,Ark India Food-Tech Private Investment Trust,KIP Re-UP Fund,SVIC No 38 New Technology Business Investment LLP,SVIC No 45 New Technology Business Investment LLP,MACM India Growth Fund,SVIC No 34 New Technology Business Investment LLP,Ark India Innovation Capital Private Investment Trust ₹ 320.50 Cr 04 Mar 2020 Series I2 Fund
MIH India Food Holdings BV,Inspired Elite Investment Limited,Hadley Harbor Master Investors (Cayman) II LP ₹ 804.70 Cr 26 Feb 2020 Series I Fund
MIH India Food Holdings BV,Tencent Cloud Europe BV,HH BTPL Holdings II Pte Ltd,Inspired Elite Investment Limited,DST Investments Asia I Ltd,Hadley Harbor Master Investors (Cayman) II LP,Coatue PE Asia XI LLC,DST EuroAsia V BV ₹ 5731.20 Cr 11 Jan 2019 Series H Fund
MIH India Food Holdings BV,DST EuroAsia V BV,Coatue PE Asia XI LLC,Inspired Elite Investment Limited ₹ 1417.50 Cr 05 Jul 2018 Series G Fund
MIH India Food Holdings BV,Inspired Elite Investment Limited ₹ 641 Cr 16 Jan 2018 Series F Fund
Naspers Ventures BV,Saif Partner India V Limited,Accel India IV Mauritius Ltd,Norwest Venture Partners VIIA Mauritius,Bessemer India Capital Holdings II Limited,Harmony Partners Mauritius Ltd ₹ 520 Cr 15 Jun 2017 Series E Fund
Bessemer India Capital Holdings II Limited,Saif Partner India V Limited,Accel India IV Mauritius Ltd,Norwest Venture Partners VIIA Mauritius,Apoletto Asia Limited ₹ 100.10 Cr 16 Sep 2016 Series D Fund
Norwest Venture Partners VIIA Mauritius,Apoletto Asia Limited,Accel India IV Mauritius Ltd ₹ 47.30 Cr 22 Apr 2016 Series C2 Fund
Saif Partner India V Limited,Accel India IV Mauritius Ltd,Norwest Venture Partners VIIA Mauritius,Harmony Partners Mauritius Ltd,RB Investments PTE LTD,Apoletto Asia Limited ₹ 230.30 Cr 31 Dec 2015 Series C Fund
Norwest Venture Partners VIIA Mauritius,Saif Partner India V Limited,Accel India IV Mauritius Ltd,Apoletto Asia Limited ₹ 101.60 Cr 05 Jun 2015 Series B Fund
Accel India IV Mauritius Ltd ₹ 6 Cr 24 Apr 2015 Series A2 Fund
Saif Partner India IV Limited ₹ 6 Cr 06 Feb 2015 Series A Fund
  • Swiggy Merger & Acquisition

Acquisition

  • On May 2022, Swiggy acquired Dineout for Rs.1511 Cr. Dineout is India's leading dining out and restaurant tech platform.
  • On Dec 2017, 48East-Internet-first restaurants offering Asian cuisine
  • Kint-Platform to create animated videos

Investments

  • Swiggy has invested $125.0 mn in Rapido which is an application-based platform for two-wheeler ride-hailing services
  • UrbanPiper- Platform offering software solutions to manage online ordering for food businesses
  • Swiggy invested $700.0 mn in Instamart which is a Grocery pickup and delivery solution provider
  • Swiggy invested Rs. 31.0 Cr in Fingerlix provides an on-demand semi-cooked food delivery application
  • On February 22, 2019, the Company acquired 27.0% of the shareholding in Maverix Platforms Private Limited, for a total consideration of Rs.312.0 mn.
  • Swiggy Subsidiaries

  • Scootsy Logistics Private Limited
  • SUPR INFOTECH SOLUTIONS PRIVATE LIMITED

Swiggy Business Model

  • Scootsy Logistics Private Limited develops application software. The Company offers a platform for the delivery of food, gifts, cakes, clothes, and other products. Scootsy Logistics serves clients in India. Some of the onboarded restaurants in this segment include Yauatcha & Hakkasan of KA Hospitality, The Table, Masque, Royal China, and Four Seasons Hotel along with gourmet stores such as FoodHall.
  • Suprdaily delivers daily needs like milk, bread, and other items on a pre-subscription model basis.
  • Swiggy Revenue Segmentation

  • Sales of traded goods
  • Delivery Income
  • Lead generation income
  • Service income
  • Other income
  • Other Operating Income
  • Carousel Income
  • Swiggy Product & Services

1. Swiggy Food

2. Instamart

3. Dineout

4. Genie

5. Swiggy Bandworks 

  • Swiggy Assets

Assets (FY21)Value (In Rs Cr.)
Cash & Cash Equivalents523.0
Bank Balance Other Than Cash Equivalents246.0
Trade Receivables

136

Current Investments908.0
Other Current Financial Assets145.0
  • Swiggy Industry Overview

Industry Statistics

Overview of Industry - Food Service: -

Food service is a large industry that deals with preparing and serving food outside the home. The revolution in the industry started building a whole ecosystem of integrated players, delivery providers being one of them which are dependent on the Food Service Industry. The food services market can be broken down into three broad segments: unorganized organized standalone and organized chain.

  • Unorganized Segment:- It includes roadside eateries and dhabhas which have been the most common eating-out option
  • Organized Standalone:- Standalone restaurants across all formats with less than 3 outlets.
  • Organized Chain:-Chain format which has 3 or more outlets across all formats.

Food delivery players cater to all the three segments

Market Size & Growth of Food Service:-

The size of the food services market in India is estimated at Rs 4,236.0 bn in FY20 and is projected to grow at a CAGR of 10.5% over the next 5 years to reach ₹6,753.0 bn by FY2024.

Food Service Market Size (in Rs bn):-

Food Services Market Share (Segment Wise)

Format
Market Share (Fiscal 2014)

Market Share (Fiscal 2019)

Market Share (Fiscal 2024)
Unorganized Market
69.0%
62.0%
50.0%
Organized Standalone
23.0%
27.0%
34.0%
Organized Chain
5.0%
8.0%
13.0%

Platform-to-Consumer Delivery market:-

The Platform-to-Consumer Delivery market segment focuses on online delivery services that provide customers with meals from partner restaurants that do not necessarily have to offer food delivery themselves. In this case, the platform (e.g. Swiggy) handles the delivery process.

The rise of food delivery providers:-

  • The concept of delivering food to private households or workplaces is not new to India. In fact, the famous Dabbawalas of Mumbai started their  business in 1890.
  • Online platforms offering a wide range of delivery services came up between 2012 and 2014.
  • Over the years, Zomato from Gurugram and Bengaluru-based Swiggy emerged as the two biggest players by attracting major funding deals and acquiring competitors.
Segments of food delivery providers:-
The online food delivery segment in India operates mainly under two business models:
  • Restaurant food through consumer delivery, in which meals are ordered online through a restaurant website and delivered directly by the restaurant without any intermediaries (e.g., McDonald's, Domino's Pizza, Burger King).
  • Consumer delivery platform where the meals are booked online through a third-party network that handles delivery independently of the restaurant (e.g., Zomato, Swiggy).

Market Size of Food Delivery Providers:-The online food delivery market was valued at over $10.2 bn in FY20 over 4.7 bn in FY16 growing at a CAGR of 21.0%.

Key Trends of Platform-to-Consumer Delivery market :-The online food delivery market was valued at over $10.2 bn in FY20 over 4.7 bn in FY16 growing at a CAGR of 21.0%. 
Increasing eating out behavior
Age GroupEating-out Frequency/MonthOrdering-in Frequency/MonthAverage Spend per Outing (INR)Average Spend per Order (INR)
15-24 yrs.2.30.9230124
25-34 yrs.1.90.7225118

>35 yrs.


1.50.3303107
Source:- Technopak research and analysis
  • Discounts offered in food combos, meals and other offers:- Indian consumers, though willing to spend more and more on experiential eating, are cost-conscious and look at value for money concepts, or for cost efficient functions when ordering-in. Discount offered on the digital platforms attracts a lot of people to order food through the platforms of Swiggy and Zomato.
  • Change in household habits:- Restaurant partners provide use and throw cutlery along with packed food. Changing habits of Millennials to wash the dishes and busy lifestyle provides a push to order food from outside.
  • Conscious indulgence:- Indulgence is not only limited to eating-out but is picking up for dining in as well. With delivery aggregators such as Zomato and Swiggy having multiple formats and brands associated with them, provide the consumer options to choose from. 
  • Key Cuisines Offered across Food Services Segments:- The Indian diner is also becoming more experimental in his approach to food and is open to any and all options that deliver a great dining experience and value for money. This trend can be witnessed by the growth in market share of certain cuisines in the food services segment.
  • Growth in Online Ordering:-
% in value201620172018201920202021
Offline96.197.295.793.790.389.3
Online1.92.84.36.39.710.7

Key Drivers of Platform-to-Consumer Delivery Market: -

  • Young Population
CountryIndiaChinaUSASingapore
Median Age (years)27.937.438.134.6
  • Increase in number of online shoppers:- Recent data on number of online shoppers suggests that 120.0 mn to 150.0 mn people are active online shoppers which is just 23.0% of the total population.
  • India's Household final consumption Expenditure (US$ bn):-


Competitive Landscape:-

Zomato

Market Share:-

Zomato holds a market share of ~55.0% in food delivery market


Future Prospects

  • The share of food services in Indian GDP is expected to increase to 2.4% by FY24 from 2.2% in  FY2021 on account of its growth at a faster pace compared to GDP growth.
  • Growth of the food services market is expected to outpace its growth till now i.e. from 8.0% (FY19) to 10.5% (FY2024).

Government Initiatives

  • Government push towards digital economy:- Recently Prime Minister of India PM dedicates 75 Digital Banking Units across 75 districts to the nation
  • The Reserve Bank of India (RBI) indicated that it will soon commence limited pilot launches of the e-rupee, or Central Bank Digital Currency (CBDC) or digital rupee, for specific use cases.

Swiggy Awards & Achievements

  • Best High-Value Start-up 2022
  • Winner at the 11th Annual Aegis Graham Bell award for Innovation 2021
  • Swiggy wins Startup of the Year at Economic Times (ET) Startup Awards 2017

Swiggy Strengths

  • Strong network across the country. Has a presence in 500+ cities.
  • Widespread and efficient on-demand hyperlocal delivery network. Has 260000+ delivery executives.
  • Very well-diversified business across food delivery, grocery delivery, logistic service, Dineout, and Bandworks 
  • Integrated platform with all the services under one application  
  • Experienced promoters. Promoters are associated with the company since its inception  

Swiggy Shortcomings

  • Promoter has a very low shareholding of about 6.7%.
  • Swiggy has a platform-based business that is a less capital-intensive business and hence easy to replicate.
  • Follows a discount-based model to attract customers to use its services.
  • Company has been consistently making losses since it started its operations (FY15)

Swiggy Opportunities

  • Food consumption, Rs 46.9 tn constitutes around a quarter of India’s Gross Domestic Product (GDP). Most of this though is driven by home-cooked food. Huge market to cater
  • Food Services, defined as non-home-cooked food or restaurant food currently contribute only approximately 10.0% to the food market which is low compared to China's 58.0% and USA's 54.0%
  • The ratio of Online Food Delivery Users to Access to the internet is just 9.0% compared to China 36.0% and USA 50.0%

Swiggy Threats

  • Competition from players like Zomato and Rebel Foods
  • Quick Service Restaurants (QSR) like Domino, McDonald's, and Pizza Hut are integrating delivery services with their product-based business 
Swiggy Rating

  • RECOMMENDATION

    Sell

  • Swiggy Detail Info

Industry Statistics

PRIVATE LIMITED

Registered In

India

last Updated

18/10/2022

Registered Date

26/12/2013

Planify Ticker

Swiggy

Reg Office: No.55 Sy No.8-14, Ground Floor, I&J Block, Embassy , Tech Village, Outer Ring Road, Devarbisanahalli , Bengaluru , KARNATAKA , INDIA - 560103

Visit Website

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Lock-in period of stock_name_auto Unlisted Shares depends upon category of investors.
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This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

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If you see the thesis of investment in the unlisted shares then it is being done mainly to take the advantage of IPO market. And, if the IPO plans of company get delayed due to market conditions or any other reason then demand suddenly drops in the market. The unlisted market works mainly on demand and supply and if there is no IPO news then getting exit would be difficult.

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We at Planify do the valuation based on 2 methods.
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