A former junior employee of Swiggy allegedly stole nearly Rs 33 crore over 'past periods', the company's annual report revealed.
Swiggy is a Bengaluru based online food delivery company. It has now employed an 'external team' to look into the matter of embezzlement, reported Moneycontrol, adding that a 'legal complaint' has also been filed against said employee.
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.
"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.
"The Group has recorded an expense for the aforementioned amount during the year ended March 31, 2024," the report added.
Swiggy did not mention anything else regarding the embezzlement, as per the publication.
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 initial public offerings this year.
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.
Last week, Bollywood actor Amitabh Bachchan's family office was said to have picked up a minor stake in IPO-bound Swiggy.
The stake has been picked up through the purchase of shares from the company's employees and early investors, according to media reports.
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.
(With Reuters and PTI inputs)
Published 07 September 2024, 05:39 IST