Swiggy plans to invest up to INR 1,000 crores in the equity shares of Scootsy Logistics Private Limited (“Scootsy”), its wholly-owned subsidiary, in one or more tranches. This investment will be made through a rights issue, aimed at supporting working capital and other capital expenditures as part of the Company’s business expansion.
Scootsy, which operates in the supply chain services and distribution sector, reported a turnover of INR 51,957 million for the financial year ending March 31, 2024. As a related party transaction, the deal is conducted at arm’s length, with the Company holding no other interest in Scootsy beyond its shareholding. The consideration for this investment will be in cash, with shares acquired at INR 7,640 per share, which includes a premium of INR 7,630 or a price determined based on valuation.
There will be no change in the Company’s shareholding, as Scootsy will continue to be a wholly owned subsidiary. Incorporated on November 27, 2014, Scootsy provides various supply chain services, such as warehouse management, in-warehouse processing, and efficient order fulfillment, for wholesalers and retailers in India. Over the last three years, Scootsy’s turnover has grown from INR 15,803 million in FY 2022 to INR 36,862 million in FY 2023, and INR 51,957 million in FY 2024.