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Investors valued Swiggy at $10.7 billion in 2022. It is said that the business intends to go public this year.

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In the nine months leading up to December 2023, Swiggy lost $200 million, as per a corporate internal document. This occurs as the company, funded by SoftBank, looks to go public on the stock market. Swiggy may begin listing by the end of 2025, according to prior reports.

According to an internal document seen by Reuters, Swiggy lost $500 million during the course of the fiscal year 2022–2023. The report, which cited unidentified sources, asserted that the corporation reduced losses for the entire year 2023–24 thanks to lower wage payouts and spending reductions in marketing.Swiggy’s losses for the first nine months of the fiscal year 2023–2024, from April to December 2023, totaled $207 million. During that time, the company’s sales was $1.02 billion, down from $1.05 billion in the fiscal year 2022–2023.According to an internal document seen by Reuters, Swiggy lost $500 million during the course of the fiscal year 2022–2023. The report, which cited unidentified sources, asserted that the corporation reduced losses for the entire year 2023–24 thanks to lower wage payouts and spending reductions in marketing.

Swiggy’s losses for the first nine months of the fiscal year 2023–2024, from April to December 2023, totaled $207 million. During that time, the company’s sales was $1.02 billion, down from $1.05 billion in the fiscal year 2022–2023.

Investors valued Swiggy at $10.7 billion in 2022. The business began by delivering meals, then it grew to include groceries and reservations for restaurants.

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Meesho’s $300 million fundraising round: SoftBank’s invitation, Tiger Global wagers, and more

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Tiger Global and Peak XV Partners are leading the latest round, with a combined investment of $150 million.

Meesho is set to raise $300 million from Tiger Global and SoftBank, along with existing and other investors like Peak XV Partners and Mars Growth Capital. This is Tiger Global’s first major round in India since Scott Shleifer stepped down in November. This is one of the few large rounds for Meesho in the past 12 months.

Tiger Global and Peak XV Partners are leading a $150 million round in Meesho, with Peak XV and some limited partners expected to contribute $70 million. Tiger Global is a new investor, while Peak XV is an existing backer. Meesho’s current valuation is $3.9 billion, 20% lower than its previous 2021 valuation. SoftBank, an existing investor, is pushing $30 million for the remaining $150 million.

Meesho is relocating its base from Delaware to India, with a significant portion of the new capital being used to pay taxes before its upcoming IPO.

Meesho’s losses decreased from ₹3,251 crore in FY22 to ₹1,675 crore in FY23, while its revenue from operations increased by 77% from ₹3,232 crore in FY22 to ₹5,735 crore in FY23.

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Check Out The Details Of Rekha Jhunjhunwala’s Rs 11.76-Crore Apartment Purchase In South Mumbai

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Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, purchased an apartment in South Mumbai’s Walkershwar area for Rs 11.76 crore, according to property registration documents.

The 1,666 sqft apartment, located in the over 50-year-old Rockside Apartment near the Arabian Sea, spans across 1,666 sqft of carpet.

On March 15, 2024, Rekha Jhunjhunwala paid over Rs 59 lakh for stamp duty and registration charges for an apartment with a 376 sqft car parking.

The Walkeshwar and Malabar Hill micro-market in Mumbai, once India’s costliest residential market, has seen a decrease in premium and luxury projects due to business relocation northwards.

In November 2023, Rekha Jhunjhunwala-led Kinnteisto LLP purchased over 1.94 lakh sq ft of commercial office space in Mumbai’s Bandra Kurla Complex and Chandivali area for approximately Rs 740 crore, marking one of India’s largest commercial office deals.

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A Knight Frank report titled ‘Prime Global Cities Index Q4 2023’ revealed that Mumbai, New Delhi, and Bengaluru, Indian cities, saw an increase in their average annual prices of prime residential or luxury homes.

Mumbai’s 10% price growth in the past year is primarily due to affluent homebuyers seeking lifestyle upgrades amid a strong economic environment that is gaining momentum.

Mumbai saw the third highest YoY growth in prime residential prices in Q4 2023, boosting its ranking by 5 places from 8th in Q4 2022.

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Maruti Suzuki shares surpass the Rs 12,000 threshold; CLSA anticipates the automaker to continue leading the CNG market.

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On March 20, during midday trading, shares of Maruti Suzuki, the biggest automaker in India, surpassed the Rs 12,000 threshold. The stock was up about 3.41 percent, or Rs 11,992.50, at 1:40 pm.

Maruti will continue to hold a 72 percent market share, which is the top position in the CNG PV segment, according to a recent analysis from stockbroker CLSA. According to the brokerage business, CNG PVs would have a larger market share in FY2030—22% as opposed to 15% in FY2024.

Maruti will continue to hold a 72 percent market share, which is the top position in the CNG PV segment, according to a recent analysis from stockbroker CLSA. Stocks like Maruti Suzuki and Tata Motors will profit from the increase in CNG passenger vehicles, according to the trading firm. According to CLSA’s forecasts, the market share of CNG PVs will increase from 15% in FY2024 to 22% in FY2030. The firm claimed that the gain may be attributed to CNG vehicles’ reduced operating expenses.

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