Swiggy to invest Rs 1,000cr in supply chain subsidiary Scootsy

Swiggy, in a regulatory filing on Friday, said it will invest up to Rs 1,000 crore in its supply chain subsidiary Scootsy in one or more tranches.

"The turnover of Scootsy for the financial year ended March 31, 2024, is Rs 5,195.7 crore. The shares are being acquired at Rs 7,640 per share (including a premium of Rs 7,630 per share). There will be no change in shareholding of Swiggy in Scootsy, which will continue to remain a wholly-owned subsidiary," says the release.

Scootsy's business includes warehouse management to streamline operations, in-warehouse processing that includes value added services to enhance product delivery and efficient order fulfillment, which enables efficient order picking, packing, and shipping processes for the wholesalers and retailers, the release added.

India-based Scootsy had reported a turnover of Rs 3,686 crore in the financial year 2023.

Swiggy said the investment in Scootsy follows the Rs 1,600 crore it made in December, Reuters reported.

"Swiggy's revenue from supply chain services rose nearly 23 percent year-on-year to Rs 1,693 crore in the October- December quarter."