Listed foodtech major Swiggy has allotted 1.7 Cr equity shares under two different employee stock option (ESOP) schemes.
In an exchange filing on Friday (February 21), the company said it "approved the allotment of 1,71,44,660 equity shares of the Company pursuant to the exercise of stock options by the eligible employees, under Swiggy ESOP Plan 2015 & Swiggy ESOP Plan 2021."
Following the allotment, Swiggy's paid-up equity share capital increased to INR 2.28 Cr from INR 2.26 Cr earlier.
With Swiggy's shares ending Friday's trading session about 3.5% lower at INR 360.7 apiece on the BSE, the newly allotted shares are worth INR 618.6 Cr.
Last month, the company allotted 2.61 Cr equity shares under its various ESOP schemes.
Earlier today, Swiggy also said it plans to invest INR 1,000 Cr in its wholly owned subsidiary Scootsy Logistics. The company will invest the said amount in one or more tranches.
Earlier this month, Swiggy reported a consolidated net loss of INR 799 Cr in the third quarter of the current fiscal year (Q3 FY25), up 39.1% from INR 574.4 Cr in the year-ago quarter. Revenue from operations rose nearly 31% to INR 3,993.1 Cr in Q3 FY25 from INR 3,048.6 Cr in Q3 FY24. On a quarter-on-quarter (QoQ) basis, it rose 10.9% from INR 3,601.4 Cr.
Notably, Swiggy Instamart was one of the reasons behind the rise in loss, as increasing competition took its toll. During the quarter under review, it posted a net loss of INR 527 Cr, a jump of 70% year-on-year. Instamart's contribution margin also dropped to -4.6% during the quarter under review from -1.9% in the preceding quarter.
While its revenue grew 14% on a quarter-on-quarter (QoQ) basis to INR 603 Cr in the said quarter, brokerage firm Citi recently said that the quick commerce business' market share is far behind Zomato's Blinkit and Zepto.
"In quick commerce, Swiggy may be in the third spot in terms of market share behind Blinkit and Zepto," Citi said in the note.