Dear Members,
Your Director's have the pleasure in presenting the Twelfth Board's Report of Swiggy
Limited (the 'Company' or 'Swiggy') together with the Audited Financial Statements
(Consolidated and Standalone) and the Auditors' Report on the business and operations of
your Company for the financial year ended March 31, 2025.
1. OVERVIEW OF FINANCIAL PERFORMANCE
(Amount in Rsmillion)
Particulars |
Standalone |
Consolidated |
FY 2024-25 |
FY 2023-24 |
FY 2024-25 |
FY 2023-24 |
Revenue from operations |
87,964.80 |
63,722.98 |
152,267.55 |
112,473.90 |
Other income |
6,334.57 |
6,442.93 |
3,961.70 |
3,869.59 |
Total Income |
94,299.37 |
70,165.91 |
156,229.25 |
116,343.49 |
Less: Total Expenses |
119,276.85 |
88,020.29 |
187,254.49 |
139,473.84 |
Less: Exceptional items |
439.23 |
1,025.94 |
117.01 |
305.94 |
Less: Share of loss of an associate |
- |
- |
25.74 |
66.14 |
Loss before tax |
(25,416.71) |
(18,880.32) |
(31,167.99) |
(23,502.43) |
Tax Expenses |
NIL |
NIL |
NIL |
NIL |
Loss for the year |
(25,416.71) |
(18,880.32) |
(31,167.99) |
(23,502.43) |
Other comprehensive income, net of tax |
13.15 |
935.65 |
10.53 |
942.93 |
Total comprehensive loss for the year, net of tax |
(25,403.56) |
(17,944.67) |
(31,157.46) |
(22,559.50) |
Performance Highlights
D uring the financial year 2024-2025, the Company on a standalone basis, clocked a
total revenue of Rs87,964.80 million as compared to Rs63,722.98 million in the previous
financial year and Profit Before Tax (excluding exceptional item) loss of Rs(24,977.48)
million as compared to loss of Rs(17,854.38) million in the previous financial year.
D uring the financial year 2024-2025, the Company on a consolidated basis, achieved a
total revenue of Rs152,267.55 million as compared to Rs112,473.90 million in the previous
financial year and Profit Before Tax (excluding exceptional item) loss of Rs(31,050.98)
millions as compared to loss of Rs(23,196.49) million in the previous financial year
2. State of the company Affairs / Overview
Swiggy Limited is India's pioneering on-demand convenience platform, revolutionising
the way consumers access food and essential services. The Company offers a gamut of
user-friendly offerings that allow customers to browse, select, order and pay for food,
groceries and household essentials, with deliveries made directly to their doorstep
through its on-demand delivery partner network. The Company was established in 2013 with a
mission to enhance the
quality of life for urban consumers by offering seamless access to daily essentials.
The Company has become a household name in online food delivery by leveraging robust
technology, an extensive delivery partner network and a customer-centric approach.
Over the years, the Company has diversified its offerings beyond food to include Swiggy
Instamart (quick commerce for groceries and daily essentials) and Swiggy Dineout
(restaurant table bookings and dining deals). The platform partners with hundreds of
thousands of restaurants, delivery executives and retail partners across hundreds of
cities, aiming to make everyday convenience accessible and seamless.
Diversified Business Offerings
Food Delivery
Swiggy's food delivery segment continues to be its core business and provides a
comprehensive on- demand food delivery service, linking customers with a wide variety of
restaurant partners through its app and website. Currently, Swiggy's food delivery service
operates in 700+ cities across India, catering to approximately 18 million users. This
segment also offers targeted marketing and advertising support to restaurant partners,
boosting their visibility on the platform and increasing customer traffic to their
outlets.
In FY 2024-25, Swiggy's Food Delivery segment demonstrated robust growth, with Gross
Order Value (GOV) increasing by 16.4% year-on-year (YoY) and Monthly Transacting Users
(MTUs) rising by 15 % to 14.7million. This growth was driven by a strategic focus on
underserved markets, including the outskirts of major cities and Tier 2 towns. Innovations
like Bolt which has scaled to 500+ cities within six months of launch and now fulfils more
than one in every ten Swiggy food orders and Snacc, which delivers beverages, snacks,
tiffin items and meals in 10 to 15 minutes, have been pivotal in attracting new consumers
and increasing order frequency within this mature category. The segment also benefited
from the cross-pollination of users from Quick Commerce, with nearly 30% of Instamart
users new to the Swiggy ecosystem.
Quick Commerce
Swiggy introduced quick commerce to India with the launch of Instamart in 2020,
providing on-demand grocery and a growing range of household items delivered within 10 to
15 minutes. This quick commerce service has since expanded to 124 locations, introduced
megapods (can house ~50,000 SKUs) to offer wider product assortments and a robust network
of 1,021 active dark stores pan India. Also launched larger Maxxsaver offering to improve
value delivered to customers for building larger baskets. Swiggy's quick commerce arm,
Instamart, focuses on high-frequency purchases, mainly groceries and essential household
items. It employs data-driven inventory management to forecast demand patterns and stock
products accordingly, minimising stock-outs and tailoring the selection to local customer
preferences.
In FY 2024-25, the Quick Commerce segment entered a phase of rapid expansion, with GOV
growing by 82% YoY Average order value increased by 11.7% YoY to INR 514, driven by
broader selection and increased consumer salience. The year also saw the net addition of
498 stores, driving up active dark store area to 3.97 mn sq ft (+161.4% YoY).
Out-of-home Consumption
Swiggy's Out-of-Home consumption category is mainly driven by two sub-brands: Swiggy
Dineout and Swiggy Scenes . Swiggy Dineout offers a platform for users to discover
restaurants and make reservations. Swiggy Scenes, events reservation business integrated
into the primary app creating a one-stop-shop focused primarily
on bookings of in-restaurant events. This business segment leverages Swiggy's existing
network and strengthens its presence in the lifestyle and dining space, catering to the
evolving preferences of urban consumers seeking premium dining and entertainment options.
The Out-of-Home Consumption segment posted significant growth, with GOV up 41.3 % YoY
in FY 2024-25
Supply Chain and Distribution
Swiggy, through its subsidiary Scootsy, provides supply chain solutions focused on
warehousing, fulfilment and distribution for wholesalers and retailers. Scootsy offers
brands comprehensive warehousing services, including in-warehouse processing, packaging
and effective inventory management. Its services also cover product distribution directly
to customers or retail partners, utilising Swiggy's logistics expertise to ensure timely
and cost-efficient deliveries. Furthermore, Swiggy collaborates with various brands to
help expand their retail presence across India. By offering fulfilment and distribution
support, Scootsy enables these brands to reach a broader audience without requiring
extensive in-house logistics capabilities.
Platform Innovations
The platform enables users to make restaurant reservations via Dineout, event
reservations via Scenes and professional services via Pyng. The Company also introduced
innovative offerings such as PocketHero (select restaurants offering budget-friendly
meals), One BLCK ( subscription programme offering priority delivery), Ecosaver mode
(offering opt-in batching of orders) and Swiggy One (premium membership program) . The
Company continues to expand its innovation pipeline with new offerings aimed at increasing
our penetration and unlocking higher user transaction frequencies
3. INITIAL PUBLIC OFFERING & LISTING OF EQUITY SHARES OF THE COMPANY
During the year under review, your Company initiated an Initial Public Offering (IPO)
comprising a Fresh Issue of Equity Shares aggregating up to Rs44,990 million and an Offer
for Sale of up to Rs68,284.27 million by certain existing shareholders (collectively
referred to as the "Offer").
The issue opened on November 6, 2024 and closed on November 8, 2024. The issue was led
by Book Running Lead Managers, viz., Kotak Mahindra Capital Company Limited, J.P. Morgan
India Private Limited, Citigroup Global Markets India Private Limited, BofA Securities
India Limited, Jefferies India Private Limited, ICICI Securities Limited, and Avendus
Capital Private Limited.
Pursuant to the IPO, the equity shares of the Company are listed on the National Stock
Exchange of India Limited and BSE Limited effective November 13, 2024.
Your Directors would like to thank the Merchant Bankers, legal counsels and other
stakeholders for helping the Company achieve the successful IPO and listing. Your
Directors would also like to thank the regulators, Securities and Exchange Board of India
and Registrar of Companies for enabling the Company to take its equity story to the public
market.
Last but not least, your Directors extend their heartfelt gratitude to the shareholders
for investing in the IPO and reposing their continuous trust and faith in the Company and
its management.
4. DIVIDEND
During the financial year under review, the Board has not recommended any dividend. In
terms of Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ('SEBI Listing Regulations'), the Dividend Distribution Policy is
available on the Company's website and can be accessed
5. TRANSFER TO GENERAL RESERVES
During the year under review, no amount was transferred to the reserves for the
financial year ended March 31, 2025.
6. SUBSIDIARIES/JOINT VENTURES AND ASSOCIATES
As on March 31, 2025, and the date of the report, the Company has the following
subsidiaries:
1. Scootsy Logistics Private Limited ("Scootsy") w.e.f. August 03, 2018,
wholly owned subsidiary of the Company.
2. Supr Infotech Solutions Private Limited ("Supr") w.e.f. September 27,
2019, wholly owned subsidiary of the Company.
3. Lynks Logistics Limited ("Lynks") w.e.f. August 29, 2023, step down wholly
owned subsidiary.
4. Swiggy Sports Private Limited w.e.f. January 15, 2025, wholly owned subsidiary of
the Company.
The Company has one associate company:
1. Loyal Hospitality Private Limited w.e.f. March 01, 2023
7. ACCOUNTS OF SUBSIDIARIES
The consolidated financial statements of the Company for the financial year 2024-2025
are prepared in compliance with the applicable provisions of the Act including Indian
Accounting Standards specified under Section 133 of the Act.
Audited financial statements of each of the subsidiary companies is available on the
website of the Company and can be accessed at
Further, pursuant to the provisions of Section 129(3) of the Act, a statement
containing salient features of the financial statements of the Company's subsidiaries as
required in Form AOC 1 is appended as Annexure-1 to this Report.
8. MATERIAL SUBSIDIARIES
The Board of Directors of the Company has adopted a Policy for determining material
subsidiaries in line with the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The Policy is available at Company's website
For the financial year 2024-25, Scootsy Logistics Private Limited is categorized as
material subsidiary(s) of the Company as per the thresholds laid down under the SEBI
Listing Regulations.
9. SHARE CAPITAL Authorized Share Capital
The Authorised Share capital of the Company is INR 1,66,99,80,24,990 (Indian Rupees
Sixteen Thousand Six Hundred and Ninety-Nine Crores Eighty Lakhs Twenty-Four Thousand Nine
Hundred and Ninety only) divided into:
(i) 2,80,00,00,000 (Two Hundred and Eighty Crores) equity shares of INR 1 (Indian Rupee
One only) each;
(ii) 61,440 (Sixty-one thousand four hundred and forty) Series A Compulsorily
Convertible Preference Shares of face value INR 10 (Indian Rupees Ten only) each;
(iii) 85,000 (Eighty-five thousand) Series B Compulsorily Convertible Preference Shares
of face value INR 10 (Indian Rupees Ten only) each;
(iv) 1,11,766 (One lakh eleven thousand seven hundred and sixty-six) Series C
Compulsorily Convertible Preference Shares of face value INR 10 (Indian Rupees Ten only)
each;
(v) 29,800 (Twenty-nine thousand eight hundred) Series D Compulsorily Convertible
Preference Shares of face value INR 10 (Indian Rupees Ten only) each;
(vi) 1,02,960 (one lakh two thousand nine hundred sixty) Series E Compulsorily
Convertible Preference Shares of face value INR 10 (Indian Rupees Ten only) each;
(vii) 80,290 (Eighty thousand two hundred and ninety) Series F Compulsorily Convertible
Preference Shares of face value INR 10 (Indian Rupees Ten only) each;
(viii) 1,18,850 (One lakh eighteen thousand eight hundred and fifty) Series G
Compulsorily Convertible Preference Shares of face value INR 10 (Indian Rupees ten only)
each;
(ix) 2,47,750 (Two lakhs forty-seven thousand seven hundred and fifty) Series H
Compulsorily Convertible Preference Shares of face value INR 10 (Indian Rupees ten only)
each;
(x) 47,637 (Forty-seven thousand six hundred and thirty-seven) Series I Compulsorily
Convertible Preference Shares of face value INR 10 (Indian Rupees ten only) each;
(xi) 1,33,357 (One lakh thirty-three thousand three hundred and fifty seven) Series I-2
Compulsorily Convertible Preference Shares of face value INR 10 (Indian Rupees ten only)
each; and
(xii) 1,00,238 (One lakh two hundred and thirty-eight) Series J Compulsorily
Convertible Preference
Shares of face value INR 10 (Indian Rupees ten only) each.
(xiii) 1,23,411 (One Lakh Twenty-Three Thousand Four Hundred and Eleven) Series J2
Compulsorily Convertible Preference Shares of face value INR 10 (Indian Rupees ten only)
each.
(xiv) 1,08,000 (One Lakh Eight Thousand) Series K CCPS Compulsorily Convertible
Preference Shares of face value of INR 10,000 (Indian Rupees ten thousand Only) each.
(xv) 1,08,00,000 (One Crore Eight Lakh) Series K1 CCPS Compulsorily Convertible
Preference Shares of face value of INR 10 (Indian Rupees ten Only) each.
(xvi) 16,29,97,600 (Sixteen Crores Twenty-Nine Lakhs Ninety-Seven Thousand Six Hundred)
Bonus Compulsorily Convertible Preference Shares of face value INR 1,000 (Indian Rupees
One Thousand only) each.
Issued, Subscribed and paid-up Share Capital
The issued, subscribed and paid-up share capital of the Company as on March 31, 2025
INR 228,64,80,881 (Indian Rupees Two Hundred Twenty-Eight Crore Sixty- Four Lakh Eighty
Thousand Eight Hundred Eighty- One Only) divided into: 228,64,80,881 (Two Hundred
Twenty-Eight Crore Sixty-Four Lakh Eighty Thousand Eight Hundred Eighty-One) equity shares
of face value of INR 1/- (Rupee One Only) each.
Changes during the year
Details of change in the share capital of the company during the year are as below:
Date of allotment of equity shares |
Number of equity shares allotted |
Face value per equity share (in ') |
Issue price per equity share (in ') |
Nature of allotment |
Nature of consideration |
Name of allottees/ shareholders |
April 3, 2024 |
50,00,000 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1.6 Equity Share for
each Bonus CCPS held |
N.A. |
Allotment of 5,000,000 Equity Shares to Sriharsha Majety |
April 3, 2024 |
17,00,000 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1 Equity Share for each
Bonus CCPS held |
N.A. |
Allotment of 1,700,000 Equity Shares to Lakshmi Nandan Reddy Obul |
June 17, 2024 |
13,25,346 |
1 |
|
Allotment pursuant to conversion of Series I CCPS in the ratio of 1401 Equity Share
for each Series I CCPS held |
N.A. |
Allotment of 966,690 Equity Shares to Ark India Food-Tech Private Investment Trust and
358,656 Equity Shares to Ark India Innovation Capital Private Investment Trust |
Date of allotment of equity shares |
Number of equity shares allotted |
Face value per equity share (in ') |
Issue price per equity share (in ') |
Nature of allotment |
Nature of consideration |
Name of allottees/ shareholders |
July 19, 2024 |
25,36,800 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1 Equity Share for each
Bonus CCPS held |
N.A. |
Allotment of 2,536,800 Equity Shares to Catalyst Trusteeship Limited. |
July 31, 2024 |
28,66,995 |
1 |
1 |
Allotment pursuant to exercise under ESOP 2015 and ESOP 2021 |
Cash |
Allotment to 652 employees of the Company and Subsidiaries under the ESOP 2015 and 2
employees of the Company and Subsidiaries under the ESOP 2021 |
July 31, 2024 |
15,35,000 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1 Equity Share for each
Bonus CCPS held |
N.A. |
Allotment of 1,500,000 Equity Shares to Lakshmi Nandan Reddy Obul and 35,000 Equity
Shares to Catalyst Trusteeship Limited |
July 31, 2024 |
28,98,669 |
1 |
|
Allotment pursuant to conversion of Series I CCPS in the ratio of 1401 Equity Share
for each Series I CCPS held |
N.A. |
Allotment of 2,898,669 Equity Shares to Ark India Food-Tech Private Investment Trust |
July 31, 2024 |
20,11,238 |
1 |
|
Allotment pursuant to conversion of Series K1 CCPS in the ratio of 1 Equity Share for
each Series K1 CCPS held |
N.A. |
Allotment of 2,004,481 Equity Shares to P.R.Venketrama Raja & 6,757 Equity Shares
to P.V. Abinav Ramasubramaniam Raja |
August 14, 2024 |
25,97,552 |
1 |
1 |
Allotment pursuant to exercise under ESOP 2015 and ESOP 2021 |
Cash |
Allotment to 432 employees of the Company and Subsidiaries under the ESOP 2015 and 1
employee of the Company and Subsidiaries under the ESOP 2021 |
September 10, 2024 |
2,00,00,000 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1.6 Equity Share for
each Bonus CCPS held |
N.A. |
Allotment of 20,000,000 Equity Shares to Sriharsha Majety |
September 10, 2024 |
14,000 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1 Equity Share for each
Bonus CCPS held |
N.A. |
Allotment of 14,000 Equity Shares to KIP Re-Up Fund |
Date of allotment of equity shares |
Number of equity shares allotted |
Face value per equity share (in ') |
Issue price per equity share (in ') |
Nature of allotment |
Nature of consideration |
Name of allottees/ shareholders |
September 10, 2024 |
26,89,920 |
1 |
|
Allotment pursuant to conversion of Series I CCPS in the ratio of 1,401 Equity Share
for each Series I CCPS held |
N.A. |
Allotment of 2,098,698 Equity Shares to KIP Re-Up Fund, 196,140 Equity Shares to SVIC
No. 34 New Technology Business Investment L.L.P., and 197,541 Equity Shares each to SVIC
No. 38 New Technology Business Investment L.L.P. and SVIC No. 45 New Technology Business
Investment L.L.P |
September 16, 2024 |
60,53,721 |
1 |
|
Allotment pursuant to conversion of Series A CCPS in the ratio of 1,401 Equity Share
for each Series A CCPS held |
N.A. |
Allotment of 6,053,721 Equity Shares to Torroz Fintech Private Limited |
September 16, 2024 |
1,39,46,955 |
1 |
|
Allotment pursuant to conversion of Series B CCPS in the ratio of 1,401 Equity Share
for each Series B CCPS held |
N.A. |
Allotment of 13,946,955 Equity Shares to Torroz Fintech Private Limited |
September 16, 2024 |
45,16,824 |
1 |
|
Allotment pursuant to conversion of Series I2 CCPS in the ratio of 1,401 Equity Share
for each Series I2 CCPS held |
N.A. |
Allotment of 4,516,824 Equity Shares to Torroz Fintech Private Limited |
October 16, 2024 |
1,70,81,62,245 |
1 |
|
Allotment pursuant to conversion of Series A, Series B, Series C, Series D, Series E,
Series F, Series G, Series H, Series I, Series I-2, Series J, and Series J-2 CCPS in the
ratio of 1,401 Equity Shares for each Series A, Series B, Series C, Series D, Series E,
Series F, Series G, Series H, Series I, Series I-2, Series J, a nd Series J-2 held |
N.A. |
|
October 16, 2024 |
13,12,16,736 |
1 |
|
Allotment pursuant to conversion of Series K CCPS in the ratio of 1,376 Equity Shares
for each Series K CCPS held |
N.A. |
|
October 16, 2024 |
87,10,462 |
1 |
|
Allotment pursuant to conversion of Series K-1 CCPS in the ratio of 1 Equity Shares
for each Series K-1 CCPS held |
N.A. |
|
October 17, 2024 |
11,19,20,000 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1.6 Equity Shares for
each Bonus CCPS held |
N.A. |
|
Date of allotment of equity shares |
Number of equity shares allotted |
Face value per equity share (in ') |
Issue price per equity share (in ') |
Nature of allotment |
Nature of consideration |
Name of allottees/ shareholders |
October 17, 2024 |
6,32,98,600 |
1 |
|
Allotment pursuant to conversion of Bonus CCPS in the ratio of 1 Equity Shares for
each Bonus CCPS held |
N.A. |
|
November 11, 2024 |
336,974 |
1 |
365 |
Allotment pursuant to Public Issue (IPO) |
NA |
For details of allottees, please see relations/ |
November 11, 2024 |
11,50,43,769 |
1 |
390 |
Allotment pursuant to Public Issue (IPO) |
NA |
For details of allottees, please see relations/ |
January 25, 2025 |
2,61,93,411 |
1 |
1 |
Allotment of shares under Swiggy ESOP Plan 2015 and Swiggy ESOP Plan 2021 |
NA |
Allotment to 1382 employees of the Company and Subsidiaries under the Swiggy ESOP Plan
2015 & 2021 |
February 21, 2025 |
1,71,44,660 |
1 |
1 |
Allotment of shares under Swiggy ESOP Plan 2015 and Swiggy ESOP Plan 2021 |
NA |
Allotment to 838 employees of the Company and Subsidiaries under the Swiggy ESOP Plan
2015 & 2021 |
February 26, 2025 |
8,64,417 |
1 |
1 |
Allotment of shares under Swiggy ESOP Plan 2021 |
NA |
Allotment to one employee of the Company under the Swiggy ESOP Plan 2021 |
March 24, 2025 |
38,31,082 |
1 |
1 |
Allotment of shares under Swiggy ESOP Plan 2015 and Swiggy ESOP Plan 2021 |
NA |
Allotment to 525 employees of the Company and Subsidiaries under the Swiggy ESOP Plan
2015 & 2021 |
10. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL ('KMP') OF THE COMPANY
The composition of the Board of Directors is in due compliance with the Companies Act,
2013 and SEBI Listing Regulations. There was no change in the Directors of the Company
during the year under review.
As at March 31, 2025, the Board of the Company comprises of 10 Directors of which 2 are
Executive Directors, 4 are Non-Executive Nominee Directors and 4 are Non-Executive
Independent Directors, details of which are provided below:
Sr. No. Name |
Designation |
Non-Executive - Independent Directors |
|
1. Anand Kripalu |
Chairman and Independent Director (Non-Executive) |
2. Shailesh Vishnubhai Haribhakti |
Independent Director (Non-Executive) |
3. Sahil Barua# |
Independent Director (Non-Executive) |
4. Suparna Mitra |
Independent Director (Non-Executive) |
Executive Directors |
|
5. Sriharsha Majety |
Managing Director & Group CEO |
6. Lakshmi Nandan Reddy Obul |
Whole-time Director - Head of Innovation |
Non-Executive - Nominee Directors |
|
7. Anand Daniel |
Nominee Director (Non-Executive)## |
8. Ashutosh Sharma |
Nominee Director (Non-Executive)** |
9. Sumer Juneja |
Nominee Director (Non-Executive)* |
10. Roger Clark Rabalais |
Nominee Director (Non-Executive)** |
Sr. No. Name |
Designation |
Other KMPs |
|
11. Rahul Bothra |
Chief Finance Officer |
# Mr Sahil Barua, Non-Executive Independent Director of the Company resigned with
effect from closing business hours of April 11, 2025 *Nominee of SoftBank.
## Nominee of Accel Entities.
*"Nominee of MIH.
Gap between two Board meetings during the year under review did not exceed one hundred
and twenty days. Requisite quorum was present for all the meetings.
The details of attendance of the Directors in the meeting are provided in the Corporate
Governance Report, which forms part of this Annual Report.
Resignation of Director and KMP
Mr. M Sridhar has stepped down as Company Secretary and Compliance officer of the
Company, with effect from the closure of business hours on February 17, 2025.
The Board appreciated the efforts and guidance made by him during his tenure and
association with the Company and expressed its deepest gratitude for the valuable
contributions made by him.
Mr. Venkatraman Ramachandran was appointed as Interim Company Secretary &
Compliance Officer of the Company with effect from May 9, 2025.
Mr. Venkatraman Ramachandran has stepped down as Interim Company Secretary &
Compliance Officer of the Company with effect from July 24, 2025, and Mrs. Cauveri Sriram
was appointed as Company Secretary & Compliance Officer of the Company with effect
from July 25, 2025.
Retirement by Rotation & Re-appointment
A proposal for re-appointment of Mr. Lakshmi Nandan Reddy Obul (DIN: 06686145) retiring
director, as an Executive Director designated as Whole Time Director - Head of Innovation
of the Company shall be placed before Members of the Company at the ensuing AGM. Your
directors recommend his re-appointment on the Board of the Company.
Pursuant to the recommendation of Nomination and Remuneration Committee, the Board of
Directors, considered and approved the re-appointment of Mr. Shailesh Vishnubhai
Haribhakti as a Non-Executive, Independent Director for a period of five consecutive years
commencing from January 24, 2026, up to January 23, 2031, subject to the approval of the
Members of the Company at the ensuing AGM.
Pursuant to the recommendation of Nomination and Remuneration Committee, the Board of
Directors, considered and approved the appointment of Mr. Faraz Khalid as a Non-Executive,
Independent Director for a period of five consecutive years commencing from July 25, 2025,
up to July 24, 2030, subject to the approval of the Members of the Company at the ensuing
AGM.
I n terms of the SEBI Listing Regulations, continuation of a Director on the Board of
Directors of a listed
entity as on 31st March 2024, without the approval of the shareholders for
the last five years or more shall be subject to the approval of shareholders in the first
general meeting to be held after 31st March 2024 and thereafter at least once
in every five years. In the aforesaid context, approval of the Members is being sought for
continuation of Mr. Ashutosh Sharma and Roger Clark Rabalais as Non-Executive - Nominee
Directors, at the ensuing AGM. Your directors recommend their re-appointment on the Board
of the Company.
The disclosures pertaining to Directors being reappointed as required under the SEBI
Listing Regulations and Secretarial Standard on General Meetings issued by the Institute
of Company Secretaries of India is provided in the explanatory statement to the Notice
convening the AGM of the Company for reference of the Shareholders.
During the year under review, the Non-Executive/ Independent Directors of the Company
had no pecuniary relationship or transactions with the Company, other than sitting fees,
commission and reimbursement of expenses, if any.
None of the Directors of the Company are disqualified under Section 164(1) or Section
164(2) of the Act.
11. BOARD MEETINGS
The Board of Directors met 15 times during the said financial year on the following
dates:
. o co z |
Quarter |
No. of Meetings held in the Quarter |
Board Meeting Dates |
1. |
April - June 2024 |
4 (Four) |
01st April 2024 18th April 2024 25th
April 2024 28th June 2024 |
2. |
July - September 2024 |
3 (Three) |
21st August 2024 24th September 2024 26th
September 2024 |
3. |
October - December 2024 |
5 (Five) |
28th October 2024 29th October 2024 08th
November 2024 11th November 2024 3rd December 2024 |
4. |
January - March 2025 |
3 (Three) |
5th February 2025, 21st February 2025 26th
February 2025 |
12. COMMITTEES OF THE BOARD
The Board has constituted committees to focus on specific areas and make informed
decisions within the authority delegated to each of the Committees. The Company has
following Committees as on March 31, 2025:
a) Audit Committee
b) Nomination and Remuneration Committee
c) Stakeholders Relationship Committee
d) Risk Management Committee
e) Corporate Social Responsibility Committee
Details of meetings of the Board Committees held during the financial year 2024-2025
along with information relating to attendance of each director/committee member is
provided in the Corporate Governance Report, which forms part of this Annual Report.
13. INDEPENDENT DIRECTORS' MEETING
The meeting of Independent Directors was held on October 29, 2024, and March 19, 2025,
without the attendance of Non-Independent Directors and members of the management. The
Independent Directors reviewed the performance of NonIndependent Directors, the Committees
and the Board as a whole, along with the performance of the Chairman of the Company,
taking into account the views of Executive Directors and Non-Executive Directors and
assessed the quality, quantity and timeliness of flow of information between the
management and the Board that is necessary for the Board to effectively and reasonably
perform their duties.
14. ANNUAL PERFORMANCE EVALUATION OF THE BOARD
The Board has adopted a formal mechanism for evaluating its own performance and the
performance of its Committees and individual Directors, including the Chairman of the
Board.
The results of evaluation showed a high level of commitment and engagement of the
Board, its various committees and senior leadership. The recommendations arising from the
evaluation process were discussed at the Independent Directors meeting held on March 19,
2025.
For the year ended March 31, 2025, evaluation forms were circulated to the Board
Members which included the evaluation of the Board as a whole, Board Committees and Peer
evaluation of the Directors. Each Director completed the evaluation form and shared their
feedback. The feedback scores as well as qualitative comments were shared with the
Chairperson of Nomination and Remuneration Committee.
15. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
Pursuant to Section 178(3) of the Act and Regulation 19 & Schedule II Part D of the
SEBI Listing Regulations, the Nomination and Remuneration Committee of the Company has
formulated the criteria for identification and Board nomination of the suitable candidates
as well as the policy on remuneration for Directors, KMP and other employees of the
Company. The Committee, while evaluating potential candidates for Board membership,
considers a variety of personal attributes, including experience, intellect, foresight,
judgment and transparency and matches these with the requirements set out by the Board.
The Nomination & Remuneration Policy of the Company provides the framework for
remunerating the members of the Board, Key Managerial Personnel and other employees of the
Company. This Policy is guided by the principles and objectives enumerated in Section
178(4) of the Act and Regulation 19 read along with Schedule II Part D of the SEBI Listing
Regulations.
The Remuneration Policy for Directors, Key Managerial Personnel and Senior Management
Personnel inter- alia, provides for criteria and qualifications for appointment of
Director, Key Managerial Personnel and Senior Management, Board Diversity, remuneration to
Directors, Key Managerial Personnel, etc. is available on the website of the Company and
can be accessed at
16. DECLARATION BY INDEPENDENT DIRECTORS
In accordance with Section 149(7) of the Act and Regulation 25(8) of the SEBI Listing
Regulations, each Independent Director has confirmed to the Company that they continue to
meet the criteria of independence as laid down in Section 149(6) of the Act and Regulation
16(1)(b) of SEBI Listing Regulations.
I n opinion of the Board, Independent Directors of the Company possess necessary
expertise, integrity, experience and proficiency in their respective fields. Further, all
Independent Directors have confirmed that they have registered with the data bank of
Independent Directors maintained by and are either exempt or have completed the online
proficiency selfassessment test conducted by the Indian Institute of
Corporate Affairs in accordance with the provisions of Section 150 of the Act.
17. AUDITORS AND AUDIT REPORTS Statutory Auditors
In terms of provisions of Section 139 of the Act, M/s B S R & Co. LLP, Chartered
Accountants (FRN - 101248W/W- 100022) were re-appointed as the statutory auditors of the
Company at the 10th Annual General Meeting of the Company held on September 29,
2023, to hold office till the conclusion of the 12th Annual General Meeting of
the Company.
The Auditors' Report provided by M/s. B S R & Co. LLP for the financial year ended
March 31, 2025, is enclosed along with the financial statements in the Annual Report. The
Auditors' Report does not contain any qualifications, observations or adverse remarks.
As the term of M/s. B S R & Co. LLP as the Statutory Auditors of the Company
expires at the conclusion of 12th AGM, the Board of Directors of the Company at
their meeting held on 9th May, 2025, based on the recommendation of the Audit
Committee, has recommended to the Members the appointment of M/s. Walker Chandiok &
Co. LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), as Statutory
Auditors of the Company, for a term of 5 (five) consecutive years from the conclusion of
12th AGM till the conclusion of the 17th AGM.
Accordingly, an Ordinary Resolution, proposing appointment of M/s. Walker Chandiok
& Co. LLP, as the Statutory Auditors of the Company for a term of five consecutive
years pursuant to Section 139 of the Act, forms part of the Notice of the 12th
AGM of the Company. The Company has received the written consent and a certificate that
M/s. Walker Chandiok & Co. LLP satisfy the criteria provided under Section 141 of the
Act and that the appointment, if made, shall be in accordance with the applicable
provisions of the Act and rules framed thereunder. M/s. Walker Chandiok & Co. LLP is a
firm of Chartered Accountants registered with the Institute of Chartered Accountants of
India. It was established in 1935 and is a Limited Liability Partnership Firm incorporated
in India. It has its registered office at L-41, Connaught Circus, New Delhi - 110001 apart
from 16 other branch offices in various cities in India. It is primarily engaged in
providing audit and assurance services to its clients.
Internal Auditors
Ms. Dolly Sureka, Chartered Accountant, Vice President & Head of Assurance &
Business Advisory, has been appointed by the Audit Committee of the Board as the Head of
Internal Audit in accordance with the provisions of Section 138 of the Companies Act,
2013. She is assigned to provide independent and objective
assurance services to create and preserve value by continuous improvement to the
Company's systems, processes and internal controls. She is supported in the discharge of
duties by the in-house team and external service providers leveraged on a need basis,
providing comprehensive assurance on governance, risk and controls.
Secretarial Auditors
M/s. Sreedharan and Associates, (FRN: P1985KR14800) a firm of Practicing Company
Secretaries has conducted the Secretarial Audit of the Company for the financial year
2024-25. The Secretarial Audit Report is appended as Annexure-2A to this report.
The report contains qualifications, reservations, or adverse remarks, which are appended
below:
1) Delay in ROC filings during the FY 2024-25.
The resolutions at each of the Board & Committee Meetings were duly deliberated and
passed with the requisite majority. The delay in filing the necessary returns were due to
procedural constraints; however, the filings with the MCA have since been completed
following the review period.
2) Review of investment made by Swiggy limited in its unlisted subsidiary companies by
the Audit Committee
The Board while taking note of the observation, clarifies that the investments made
into Scootsy Private Limited, a material subsidiary of the Company, majorly formed part of
the Objects clause of the Prospectus. The utilization of the IPO proceeds has been a
subject matter of monitoring by the Monitory agency. The report issued by the monitoring
agency for the period ended December 31, 2024 & March 31, 2025, was placed before the
Audit Committee and Board for their noting and approval. There were no adverse remarks
either in the report or from the Audit Committee or the board.
2. Minutes of subsidiary companies were not placed before the Board of Directors of the
Swiggy Limited
The Board of Directors of the Company has been consistently kept informed about the
details and transactions of the subsidiaries, and all necessary actions in this regard
have been duly undertaken. However, the placement of the minutes of the subsidiaries
before the Board was inadvertently missed.
M/s. Sreedharan and Associates, (FRN: P1985KR14800) also acted as Secretarial Auditors
for Scootsy Logistics Private Limited ("Scootsy"), material unlisted subsidiary
of the Company for the financial year ended on March
31, 2025. The secretarial audit report of Scootsy is annexed as Annexure - 2B.
Cost Auditors
The Central Government has not specified the maintenance of cost records under Section
148(1) of the Companies Act, 2013, for the products/services of the Company. In view of
this, there is no requirement to furnish a cost audit of cost records of the Company.
18. INTERNAL FINANCIAL CONTROLS
The Company has laid down adequate internal financial controls commensurate with the
scale and size of the operation of the Company. The key internal financial controls have
been documented, automated wherever possible and embedded in the respective business
processes. These internal financial controls are periodically reviewed and monitored
effectively.
The Company has in place adequate policies and procedures for ensuring the orderly and
effective control of its business, including adherence to the Company's policies,
safeguarding its assets, prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
disclosures. The Company has an adequate system of internal control commensurate with its
size and nature of business. The Company believes that these systems provide a reasonable
assurance in respect of providing financial and operational information, safeguarding of
assets of the Company, adhering to the management policies besides ensuring compliance.
19. CORPORATE GOVERNANCE REPORT
Your Company provides utmost importance to the best Governance practices and is
designed to act in the best interest of its stakeholders. The Corporate Governance Report
along with the Auditor's Certificate for the year under review, as stipulated under SEBI
Listing Regulations forms part of the Annual Report and the same is appended as Annexure-3.
20. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management's Discussion and Analysis Report for the year under review, as
stipulated under the SEBI Listing Regulations forms part of the Annual Report and is
appended as Annexure-4.
21. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
As per the SEBI Listing Regulations, Business Responsibility and Sustainability Report
for the financial year 2024-2025 is not applicable to the Company. The Company continues
to pursue this initiative as part of its commitment to voluntary ESG disclosures and good
governance practices, aligning with industry
benchmarks and stakeholder expectations and is appended as Annexure-5.
22. EMPLOYEE STOCK OPTION SCHEME
The Company's Employee Stock Option Schemes, namely the 'Swiggy Employee Stock Option
Plan 2015' ("Swiggy ESOP Plan 2015") and the 'Swiggy Employee Stock Option Plan
2021' ("Swiggy ESOP Plan 2021"), were amended during the financial year 2024-25.
Additionally, a new scheme titled the 'Swiggy Employee Stock Option Plan 2024'
("Swiggy ESOP Plan 2024") was introduced for the benefit of eligible employees
of the Company, effective from April 10, 2024. With the implementation of Swiggy ESOP
2024, the Swiggy ESOP 2015 Plan will be sunset effective the same date, and all subsequent
grants will henceforth be made under the Swiggy ESOP 2024. All the three ESOPs are in
compliance with the Securities and Exchange Board of India (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021 (hereinafter referred to as "SEBI SBEB & SE
Regulations").
During the year under review, the Company has obtained in-principle approvals from the
Stock Exchanges in relation to the said scheme for allotment of equity shares against the
vested stock options.
The Secretarial Auditor of your Company has provided a certificate stating that the
Swiggy ESOP Plan 2015, Swiggy ESOP Plan 2021 and Swiggy ESOP Plan 2024 have been
implemented in accordance with the SEBI SBEB & SE Regulations. The said certificate
will be placed before the members at the ensuing Annual General Meeting and will also be
made available on the website of your Company.
A statement giving detailed information on stock options granted to employees under the
ESOP Scheme as required under Section 62 of the Act and Regulation 14 of SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021 is available on Company's website
and can be accessed at
23. PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are provided in the prescribed format and appended as Annexure-6
to this Report.
The statement containing particulars of the top 10 employees and the employees drawing
remuneration in excess of limits prescribed under Section 197(12) of the Act read with
Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, is provided in the Annexure
forming part of this Report. Further, the report and the accounts are being sent to the
Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said
annexure is open for inspection and any Member interested in obtaining a copy of the same
may write to the Company Secretary.
24. CORPORATE SOCIAL RESPONSIBILITY
The CSR policy expresses the Company's ethos and accountability, detailing the
guidelines and processes for initiating social initiatives that promote the welfare and
long-term development of communities in the vicinity of its operations.
The disclosures as required under Section 135 of the Act read with Rule 8(1) of the
Companies (Corporate Social Responsibility Policy) Rules, 2014 along with committee
constitution details is appended as Annexure-7 to this Report.
25. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has not provided any loans or guarantee under Section 186 of the Act.
Details of Investments, loans or guarantee covered under the provisions of Section 186 of
the Act, are given in Note no. 34 to the standalone financial statements in the Annual
Report.
26. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Company has formulated and adopted a policy on dealing with related party
transactions, in line with Regulation 23 of the Listing Regulations, which is available on
the website of the Company at
During the financial year 2024-2025, all the transactions with related parties were
entered into at arms' length basis and in the ordinary course of business and were in
compliance with the applicable provisions of the Act and the Listing Regulations, and the
disclosure of related party transactions as required under Section 134(3)(h) of the Act in
Form AOC-2 is not applicable for FY24-25.
27. RISK MANAGEMENT
The Company has a risk management framework for identification and management of risks.
In line with the SEBI Listing Regulations, the Company has constituted a Risk Management
Committee ('RMC') comprising members of the Board of Directors. Terms of reference of the
Committee and composition thereof including details of meetings held during the financial
year 20242025 forms part of the Corporate Governance Report, which forms part of this
Annual Report.
Additional details relating to Risk Management are provided in the Management
Discussion and Analysis Report forming part of this Report.
28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS &
OUTGO
Details of the energy conservation, technology absorption and foreign exchange earnings
and outgo as stipulated under Section 134(3)(m) of the Act read with Rule 8 of the
Companies (Account) Rules, 2014 are annexed to this Report as Annexure-8.
29. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
Your Company maintains a zero-tolerance policy toward sexual harassment in the
workplace. It has adopted a policy for the prevention, prohibition, and redressal of
sexual harassment in accordance with the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, and the corresponding Rules.
Additionally, the Company has complied with the requirements for constituting the Internal
Committee ('ICC') as mandated by the Act. To build awareness in this area, the Company has
been conducting necessary training in the organization on an ongoing basis.
While maintaining the highest governance norms, the Company has appointed the following
members of ICC as below:
1. A Presiding officer or Chairperson who is a woman employed at a senior level at the
workplace from amongst the employees.
2. The Company has appointed an external independent person committed to this cause and
who has the requisite experience in handling such matters, as other members of ICC.
3. Not less than two members from amongst employees are committed to the cause of
women; their safety and have experience in social work and have legal knowledge.
The following is a summary from the Annual return filed for the period ended March 31,
2025 under POSH Act:
Sr. No. Particulars |
Number |
1. Number of complaints filed during the financial year |
6 |
2. Number of complaints disposed of during the financial year |
4 |
3. Number of cases pending at the end of the financial year* |
2 |
4. Number of cases resolved beyond 90 days |
1 |
* Pertained to a complaint pending as on FY 2024-25, on which investigation which
has been completed and grievance has been redressed during the FY 2025-26.
The company has complied the provisions of pertaining details of deposits which are not
in compliance with to Maternity Benefits Act, 1961 during the FY 2024-25. Chapter V of the
Act is not applicable.
30. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Act with respect to the
Directors' Responsibility Statement, the Board of Directors of your Company state that:
1. in the preparation of the annual financial statements, the applicable accounting
standards have been followed along with proper explanation relating to material
departures;
2. the Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year and of
the profit of the Company for that period;
3. the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
4. the annual financial statements have been prepared on a going concern basis;
5. proper internal financial controls were laid down and that the internal financial
controls are adequate and operating effectively;
6. the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and such systems are adequate and operating effectively.
31. OTHER DISCLOSURES
Remuneration details as per Schedule V of the Act
In terms of Schedule V Part II (Remuneration) of the Companies Act, 2013, the
remuneration details of the Directors appointed under Chapter XII of the Companies Act,
2013 forms part of the Corporate Governance Report which forms part of this Annual Report
Details relating to Deposits covered under Chapter V of the Act
During the year under review, the Company has neither accepted nor renewed any deposits
from the public within the meaning of Section 73 of the Act and the Companies (Acceptance
of Deposits) Rules, 2014. Hence, the requirement for furnishing of details relating to
deposits covered under Chapter V of the Act or the
Loans from Directors or Director's Relatives
During the financial year 2024-2025, the Company has not borrowed any amount(s) from
Directors and/ or their relatives.
Disclosure with respect to Demat Suspense/ Unclaimed Suspense Account
The Company does not maintain any Demat Suspense/ Unclaimed Suspense Account and
accordingly the disclosure pertaining as required under Schedule V Para F of SEBI (Listing
Obligations and Disclosure Requirement) Regulations, 2015 is not applicable to the Company
for the period under review.
Downstream Investment
The Company being a foreign owned or controlled company has complied with the
provisions of the Foreign Exchange Management Act, 1999 ("FEMA") read with the
Foreign Exchange Management (Nondebt Instruments) Rules, 2019 ("NDI Rules") for
the downstream investment made in other Indian entities. The Company has obtained a
certificate, confirming compliance with FEMA read with the NDI Rules from M/s. B S R &
Co. LLP, Chartered Accountants, (FRN:101248W/W-100022), Statutory Auditors of the Company.
Vigil Mechanism/Whistle Blower Policy
The Company has a robust vigil mechanism in place, which is in conformity with the
provisions of the Act and SEBI Listing Regulations. The said policy provides appropriate
avenues to the directors, employees and stakeholders of the Company to make protected
disclosures in relation to matters concerning the Company and the same is available at the
website of the Company
This mechanism also provides for adequate safeguards against victimization of
Director(s)/employee(s) who avail of the mechanism and also provides for direct access to
the Chairman of the Audit Committee. The details of the Whistle Blower Policy and the
Committee which oversees the compliance are explained in detail in the Corporate
Governance Report.
During the financial year 2024-2025, the Company has not received any protected
disclosure.
Reporting of Fraud
No frauds were reported by the Auditors as specified under Section 143 of the Act for
the financial year ended March 31, 2025.
Annual Return of the Company
Pursuant to Section 92(3) of the Act, the Annual Return in Form MGT-7 has been uploaded
on the website of the Company and can be accessed at: Significant and material orders
passed by Regulators or Courts
There were no significant or material orders passed by the regulators or courts or
tribunals impacting the going concern status and Company's operations in future.
Material changes and commitments, if any
There were no material changes and commitments affecting the financial position of the
Company which occurred between the end of the financial year to which this financial
statement relates and the date of this report.
Secretarial Standards
The Company has complied with all applicable mandatory secretarial standards issued by
the Institute of Company Secretaries of India.
Transfer of Unclaimed Dividend to Investor Education and Protection Fund
There has been no unclaimed dividend and hence the provisions of Section 125(2) of the
Act do not apply.
Insolvency and Bankruptcy Code, 2016
During the year, the Company has not made any application under the Insolvency and
Bankruptcy Code, 2016 ('IBC Code'). Further, there is no Corporate Insolvency Resolution
Process initiated under the IBC Code.
Details of one-time settlement while taking loan from the banks or financial
institutions along with the reasons thereof
During the year, there was no one-time settlement done with the Banks or Financial
Institutions. Therefore, the requirement to disclose details of difference between
For and on behalf of the Board of Directors of Swiggy Limited amounts of valuation
done at the time of one-time settlement and the valuation done, while taking loan from
Banks or Financial Institutions along with reasons thereof, is not applicable.
Details of utilization of funds raised through preferential allotment or qualified
institutional placement as specified under Regulation 32(4) and 32(7A) of the SEBI Listing
Regulations
During the financial year under review, the Company has not made any preferential
allotment or qualified institutional placement. However, during the period under review,
the Company has made Initial Public Offer ('IPO') in the form of Fresh issue and Offer for
Sale and hence the provisions with respect to Regulation 32 of SEBI Listing Regulations is
not applicable to the Company for the said IPO.
Disclosure under Section 43(a)(ii) of the Act
The Company has not issued any shares with differential rights and hence no information
as per provisions of Section 43(a)(ii) of the Act is furnished.
Disclosure under Section 54(1)(d) of the Act
The Company has not issued any sweat equity shares during the year under review and
hence no information as per provisions of Section 54(1)(d) of the Act is furnished.
Disclosure under Section 67(3) of the Act
During the year under review, there were no instances of non-exercising of voting
rights in respect of shares purchased directly by employees under a scheme pursuant to
Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)
Rules, 2014.
32. ACKNOWLEDGEMENT
Your Directors place on record their sincere thanks to bankers, business associates,
consultants, and various Government Authorities for their continued support extended to
your Companies activities during the year under review. Your Directors wish to thank
employees, customers, partners, suppliers, and shareholders and investors for their
continued support and co-operation.
Sriharsha Majety |
Lakshmi Nandan Reddy Obul |
Managing Director & Group CEO |
Whole time Director - Head of Innovation |
(DIN: 06680073) |
(DIN: 06686145) |
Date: July 25, 2025 |
Date: July 25, 2025 |
Place: Bengaluru |
Place: Bengaluru |