Swiggy Gets SEBI Nod for $1.25 Billion IPO

Swiggy Gets SEBI Nod for $1.25 Billion IPO

By Nishang Narayan

Published on September 28, 2024

Swiggy, the Bengaluru-based food and grocery delivery platform, has received approval from the Securities and Exchange Board of India (SEBI) for its $1.25 billion initial public offering (IPO). The company had confidentially filed draft papers with the regulator in April this year. With this approval, Swiggy will now submit an Updated Draft Red Herring Prospectus (UDRHP), following which the public will have 21 days to provide feedback before the IPO proceeds.

The IPO aims to raise INR 3,750 crore (USD 450 million) in fresh capital, accompanied by an Offer-for-Sale (OFS) component of up to INR 6,664 crore (USD 800 million). Major investors such as Prosus, Swiggy's largest shareholder holding 33% of the company, and SoftBank are expected to sell portions of their stakes through the OFS.

Swiggy's backers also include prominent names such as Accel, Elevation Capital, Meituan, Tencent, Norwest Venture Partners, DST Global, Coatue, Invesco, and GIC. Bankers hinted that the IPO size could potentially be increased before its official launch.

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In the first three quarters of FY24, Swiggy reported INR 5,476 crore in revenue, with a loss of INR 1,600 crore. Comparatively, Swiggy’s main competitor, Zomato, posted revenue of INR 12,114 crore for the fiscal year ending March 31, 2024, and achieved a net profit of INR 351 crore during the same period. Zomato raised INR 9,375 crore through its IPO in July 2021, and its stock has since surged 192 percent over the past year, outperforming the Nifty's 32 percent gain.

Swiggy declined to comment on queries from ET regarding the approval or details of the IPO.

Introduced by SEBI in 2022, the 'pre-filing' route allows companies to file preliminary IPO papers confidentially, providing them greater flexibility in determining the issue size. Swiggy is now positioned to adjust the number of fresh shares by up to 50% until the UDRHP is filed.


Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

By Manu Vardhan Kannan

Published on August 18, 2025

Apeejay Surrendra Park Hotels Limited (ASPHL) announced its financial results for Q1 FY26, recording a net profit of Rs 13 crore. Revenue from operations stood at Rs 154 crore, a 14% increase year-on-year, while operating EBITDA grew 16% YoY to Rs 45 crore. The company maintained an industry-leading occupancy of 92%, reaffirming its leadership in the hospitality sector.

ASPHL’s growth is fueled by expansion into Tier 2 and Tier 3 markets. The company recently signed an MoU to acquire and manage four leisure properties in Goa, Manali, Shimla, and Dharamshala, adding 138 rooms under its brand. These steps align with ASPHL’s strategy to broaden its presence in high-potential tourism destinations and double its key count to 5,750 over the next five years.

Flurys, ASPHL’s iconic bakery and confectionery brand, now operates 102 outlets nationwide, reflecting the company’s focus on expanding its market presence while integrating modern amenities with rich cultural heritage.

Commenting on the performance, Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels, said,

"We have delivered an extraordinary and best-ever Q1, setting a strong momentum for the year ahead. With topline growth of 14% and EBITDA growth of 16%, we recorded India’s highest occupancy of 92% and maintained leadership in RevPAR in the upper-upscale segment. ARR improved by 13% and RevPAR increased by 12%. With nearly 600 new rooms added, including a 41% rise in our asset-light model, and nationwide Flurys rollout, we are poised to scale faster, enhance margins, and deliver exceptional shareholder value."

ASPHL’s strong performance in Q1 FY26 underscores its strategic focus on market expansion, operational excellence, and premium guest experiences.


Marriott Announces Dividend and Expands Share Buyback Plan

Marriott Announces Dividend and Expands Share Buyback Plan

By Manu Vardhan Kannan

Published on August 10, 2025

Marriott International, Inc. has declared a quarterly cash dividend of 67 cents per share on its common stock, reaffirming its commitment to delivering shareholder value. The dividend will be paid on September 30, 2025, to shareholders who are on record as of August 21, 2025.

Alongside the dividend announcement, the hospitality giant also revealed an expansion of its share repurchase program. The board of directors has authorized the repurchase of an additional 25 million shares of its Class A common stock. This comes in addition to the approximately 7.4 million shares that were still available under previous authorizations as of July 30, 2025.

Marriott has already bought back 6.4 million shares this year, amounting to $1.7 billion. These moves reflect the company’s continued confidence in its financial stability and long-term performance, aiming to strengthen shareholder value through strategic capital allocation.


Chennai Postal Services Still Disrupted: Experts Call for Alternative Systems Amid Software Transition

Chennai Postal Services Still Disrupted: Experts Call for Alternative Systems Amid Software Transition

By Author

Published on August 4, 2025

In what was intended to be a smooth digital transformation, postal services across the Chennai Circle continue to remain disrupted even days after a scheduled upgrade to India Post's new IT 2.0 system. The software transition—part of a broader effort to modernize the nation’s postal network—was implemented on August 2nd and 4th across Chennai North and South divisions. However, officials have now confirmed that technical issues still persist, leaving customers and businesses grappling with delayed or inaccessible services.

Key services such as Speed Post, registered mail, parcel bookings, and money orders have either been significantly slowed or paused altogether in many branches. Despite expectations that systems would normalize post-upgrade, the rollout of the Advanced Postal Technology (APT) system has proven more complex than anticipated.

“We are still working on stabilizing the system. There have been unforeseen glitches post-upgrade, and our teams are actively resolving them,” said a senior postal official who requested anonymity.

The disruption has raised concerns across industries—including the hospitality sector—where timely document dispatch, license renewals, vendor payments, and customer correspondence are crucial to daily operations.

Experts and industry stakeholders are now calling on India Post to introduce alternative operational strategies or backup mechanisms during such large-scale transitions.

“In a digital age where seamless service is non-negotiable, a complete blackout due to a software update is avoidable. A fallback process, whether manual or cloud-based, should be in place to ensure continuity,” said a Chennai-based hospitality consultant.

The hospitality industry relies heavily on postal services for legal documentation, international communication, and procurement logistics. The ongoing delays have caused bottlenecks not just in operations but also in customer experience delivery.

As authorities continue to work toward a resolution, the broader question remains: Should India’s essential public infrastructure be this vulnerable to a single system upgrade? The answer may lie in future-proofing core services with hybrid digital models that include disaster recovery plans and parallel systems.


Hospitalitynews.in will continue to track updates as the situation evolves.

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