Monitoring Agency Report for the quarter and financial year ended March 31, 2025.
SWIGGY · price
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Awaiting price reaction for this filing.
Swiggy filed the CRISIL Monitoring Agency Report tracking use of IPO proceeds for Q4 FY25. Of the Rs 4,499 crore raised as fresh issue in November 2024 (net proceeds Rs 4,358.98 crore after issue expenses), only Rs 924.46 crore (~21%) has been utilized as of March 31, 2025. Key spends during the quarter included Rs 198.4 crore on dark store expansion, Rs 113.7 crore on brand marketing, and Rs 178.1 crore on administrative/general corporate purposes. Scootsy borrowing repayment of Rs 164.8 crore was fully completed. The remaining Rs 3,574.5 crore of unutilized funds is parked in fixed deposits across HDFC, Axis, and ICICI banks earning 6.4%–7.5% interest. No deviation from stated IPO objects was reported, with only a minor Rs 28.78 lakh delay in dark store lease payments due to invoice processing issues.
Routine regulatory filing confirming IPO funds are being deployed as promised, with no red flags. The slow utilization pace (~21% in five months) is worth watching but not alarming, and idle funds are generating healthy interest income, which should marginally support near-term earnings.