<p>A former junior employee of Swiggy allegedly stole nearly Rs 33 crore over 'past periods', the company's annual report revealed.</p><p>Swiggy is a Bengaluru based online food delivery company. It has now employed an 'external team' to look into the matter of embezzlement, <a href="https://www.moneycontrol.com/news/business/startup/former-swiggy-employee-embezzled-rs-33-crore-from-ipo-bound-company-12815650.html">reported</a> <em>Moneycontrol</em>, adding that a 'legal complaint' has also been filed against said employee.</p><p>In a report released on September 4, the company said that embezzlement of funds was noticed in the annual report of financial year 2023-24.</p><p>"The Group, during the current year, identified embezzlement of funds in one of the subsidiaries by a former junior employee amounting to Rs 326.76 million over the past periods," the company report read, as cited by the publication.</p><p>"The Group has recorded an expense for the aforementioned amount during the year ended March 31, 2024," the report added.</p><p>Swiggy did not mention anything else regarding the embezzlement, as per the publication.</p>.Swiggy launches Incognito Mode for private ordering of food, quick commerce.<p>In a recent development, Swiggy is said to be targeting a valuation of around $15 billion (Rs 1,25,981 crore) for its upcoming stock market offering to raise $1-1.2 billion. The deal would make it one of biggest Indian <a href="https://www.deccanherald.com/business/companies/swiggy-targets-15-billion-valuation-in-ipo-report-3162012">initial public offerings</a> this year.</p><p>Swiggy competes with Zomato in India's online restaurant and café food deliveries sector, and both have made major bets on the new so-called quick-commerce boom where groceries and other products are being delivered in 10 minutes.</p><p>Last week, Bollywood actor <a href="https://www.deccanherald.com/business/companies/amitabh-bachchans-family-office-acquires-small-stake-in-ipo-bound-swiggy-report-3167272">Amitabh Bachchan</a>'s family office was said to have picked up a minor stake in IPO-bound Swiggy.</p><p>The stake has been picked up through the purchase of shares from the company's employees and early investors, according to media reports.</p><p>In April this year, Swiggy received shareholders' approval for an initial public offering to raise Rs 10,414 crore fund through the issue of fresh equity shares and an offer for sale.</p> <p><em>(With Reuters and PTI inputs)</em></p>
<p>A former junior employee of Swiggy allegedly stole nearly Rs 33 crore over 'past periods', the company's annual report revealed.</p><p>Swiggy is a Bengaluru based online food delivery company. It has now employed an 'external team' to look into the matter of embezzlement, <a href="https://www.moneycontrol.com/news/business/startup/former-swiggy-employee-embezzled-rs-33-crore-from-ipo-bound-company-12815650.html">reported</a> <em>Moneycontrol</em>, adding that a 'legal complaint' has also been filed against said employee.</p><p>In a report released on September 4, the company said that embezzlement of funds was noticed in the annual report of financial year 2023-24.</p><p>"The Group, during the current year, identified embezzlement of funds in one of the subsidiaries by a former junior employee amounting to Rs 326.76 million over the past periods," the company report read, as cited by the publication.</p><p>"The Group has recorded an expense for the aforementioned amount during the year ended March 31, 2024," the report added.</p><p>Swiggy did not mention anything else regarding the embezzlement, as per the publication.</p>.Swiggy launches Incognito Mode for private ordering of food, quick commerce.<p>In a recent development, Swiggy is said to be targeting a valuation of around $15 billion (Rs 1,25,981 crore) for its upcoming stock market offering to raise $1-1.2 billion. The deal would make it one of biggest Indian <a href="https://www.deccanherald.com/business/companies/swiggy-targets-15-billion-valuation-in-ipo-report-3162012">initial public offerings</a> this year.</p><p>Swiggy competes with Zomato in India's online restaurant and café food deliveries sector, and both have made major bets on the new so-called quick-commerce boom where groceries and other products are being delivered in 10 minutes.</p><p>Last week, Bollywood actor <a href="https://www.deccanherald.com/business/companies/amitabh-bachchans-family-office-acquires-small-stake-in-ipo-bound-swiggy-report-3167272">Amitabh Bachchan</a>'s family office was said to have picked up a minor stake in IPO-bound Swiggy.</p><p>The stake has been picked up through the purchase of shares from the company's employees and early investors, according to media reports.</p><p>In April this year, Swiggy received shareholders' approval for an initial public offering to raise Rs 10,414 crore fund through the issue of fresh equity shares and an offer for sale.</p> <p><em>(With Reuters and PTI inputs)</em></p>