Sources said Swiggy was attempting to become operationally fitter and was cutting down on some of its experimental activities, while indicating that shutting down The Bowl Company in Delhi-NCR was unlikely to have a major impact.
The sale will take place at an offer floor price of Rs 60 per share – a 5.59% discount to Tuesday’s closing price of Rs 63.55 on BSE.
The freshly raised funds will be used to ramp up US go-to market, on sales and marketing for new markets, and building new products.
As part of a cost-cutting exercise, the company has also cut the salaries of employees earning more than Rs 10 lakh annually by 11%.
Elon Musk said in a tweet on Monday that Apple Inc has mostly stopped advertising on Twitter.
“We are excited about partnering with these amazing entrepreneurs that are disrupting multiple lifestyle categories. With our investment and deep value-addition, we are confident in scaling existing leading brands to become category leaders as well as be the category creators in several emerging categories," Prashanth Aluru, CEO and Co-founder, TMRW, said.
Gaurav Munjal's edtech startup also sacked as many as 350 employees recently in a bid to reduce costs and turn a profit