Swiggy Block Deal: Citigroup Sells Shares Worth ₹12.2 Cr to BNP Paribas at Discounted Price
In a significant market transaction today, Citigroup Global Markets offloaded around 3,20,421 shares of foodtech giant Swiggy through a block deal at a price of ₹381 per share. The entire stake was acquired by BNP Paribas Financial Markets in a single bulk trade, as per exchange data.
The total value of the deal stood at approximately ₹12.2 crore, representing a 1.3% discount to Swiggy’s closing price of ₹386.05 on Thursday. The sale comes at a time when Swiggy’s stock and overall performance are under intense scrutiny from both retail and institutional investors.
As of the market close, Swiggy’s market capitalisation was recorded at ₹96,267.24 crore, highlighting its dominant presence in the Indian food delivery and quick-commerce sector.
Strategic Shift Amid Operational Challenges
This deal follows recent developments at Swiggy, where the company has begun pulling back from several non-core and underperforming business segments. Swiggy recently shut down Swiggy Minis, a D2C-focused SaaS marketplace platform launched to support small and medium brands. The company also closed operations of Swiggy Genie, its hyperlocal pickup-and-drop service, citing inefficiencies and operational challenges.
Industry observers view these moves as part of Swiggy’s broader efforts to streamline operations and focus on profitability ahead of its much-anticipated IPO, expected in the coming quarters.
Platform Innovations Segment in Decline
Another area of concern for Swiggy has been its “platform innovations” business segment. According to the latest financials for Q4 FY25, this division recorded a sharp 40% year-on-year revenue drop, while losses more than doubled to ₹36.1 crore.
These numbers reflect growing challenges for Swiggy in monetizing experimental and tech-driven business lines, which were once considered key drivers for future growth. The decline suggests that investor sentiment may be cooling off toward the company’s non-core bets, with greater pressure now on core food delivery and quick-commerce performance.
Implications for Investors and the IPO Landscape
The block deal between Citigroup and BNP Paribas, involving a discounted share sale, signals potential rebalancing of institutional investor positions in Swiggy ahead of any public listing. Such deals often serve as leading indicators of market sentiment, especially for high-profile private tech firms on the verge of tapping public markets.
Analysts suggest that while Swiggy remains a market leader with substantial reach and branding, the road to profitability — especially amid slowing revenue growth and rising losses in certain divisions — will be closely monitored by investors and regulators alike.
Conclusion
Today’s block deal, with BNP Paribas Financial Markets acquiring ₹12.2 Cr worth of Swiggy shares from Citigroup Global Markets, highlights a pivotal moment in Swiggy’s pre-IPO trajectory. As the company tightens its business focus and navigates the challenges of monetization, investor eyes will remain fixed on its financial metrics and strategic execution in the quarters ahead.
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