Scootsy: Swiggy plans to invest 1,600 crore in Scootsy Logistics

Swiggy has announced a ₹1,600 crore investment in its subsidiary, Scootsy Logistics, through a rights issue. Acquired in 2018, Scootsy was a premium food delivery service but ceased operations in 2020. As per Swiggy's IPO filings, Scootsy reported a ₹423 crore loss in FY24. The company now plans to use Scootsy to set up around 538 dark stores as part of its quick commerce expansion. Swiggy announced the creation of a new wholly-owned subsidiary. It plans to use ₹1,350 crore from IPO funds to expand Instamart and ₹250 crore for working capital. In Q2 FY25, Swiggy reported a net loss of ₹625.5 crore, down slightly from ₹657 crore in the same period last year. However, the loss increased slightly compared to the previous quarter. Swiggy's Q2 revenue grew 11.8% quarter-on-quarter to ₹3,601 crore and 30% year-on-year. Listed on November 6, Swiggy's stock closed 0.55% lower at ₹491 on the NSE, down from ₹514.68 before its results. Its ₹11,327 crore IPO was oversubscribed 3.59 times. About Swiggy Founded in 2014, Swiggy is India's leading convenience platform, serving millions monthly with a focus on enhancing urban living. Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES: Startup Funding and Stories: Discover Funding Trends and Stories Shaping Indian Startups. Latest Startup Funding News: Your Gateway to Every Funding Update. Today's Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates. Inspiring Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.