05-07-2025
Citigroup Sells Swiggy Shares Worth INR 12.2 Crore
This latest equity movement, combined with the winding down of Minis, suggests Swiggy is refocusing on core services while investors recalibrate their positions accordingly.
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Citigroup Global Markets has offloaded its stake in Swiggy to BNP Paribas Financial Markets in a block deal worth INR 12.2 crore, according to stock exchange data. The transaction involved the sale of 3.2 lakh shares at INR 381 apiece and was executed through bulk deal mechanisms.
Citigroup Global Markets, the brokerage and investment banking arm of US-based Citigroup Inc., sold the shares to the investment unit of French banking major BNP Paribas. The move marks a notable shift in foreign institutional interest in the Indian foodtech company, coming at a time when Swiggy is undergoing internal restructuring.
The share sale comes shortly after Swiggy announced the impending shutdown of its digital storefront platform, Minis, by August 10. Minis, which once offered home-cooked meals, handmade products, and baking supplies, has not been visible on the main Swiggy app for over a year—indicating the company had already begun winding it down in phases.
While Swiggy continues to be a major player in India's food delivery and quick commerce space, recent financials suggest mounting pressure on profitability. In the quarter ending March 31, 2025, the company reported revenue of INR 4,410 crore but posted a loss of INR 1,081 crore during the same period. Food delivery accounted for 37 per cent of its total revenue, with quick commerce contributing the rest.
Neither Citigroup nor BNP Paribas issued public statements on the rationale behind the transaction. However, such secondary market trades often reflect broader investor sentiment and strategic rebalancing, especially in the run-up to Swiggy's anticipated public offering.
