Swiggy is all set to hive off its quick commerce business ‘Instamart’ into Swiggy Instamart, an indirect step-down wholly-owned subsidiary of the company, through a slump sale. The company has received approval from its board to sell and transfer the Instamart, along with all relevant assets, liabilities, permits and licenses, records, intellectual property, employees and contracts, to Swiggy Instamart through a slump sale.
The completion of the sale is expected after the expiry of the third quarter of FY 2025-26. The company will receive a lump sum cash consideration for the Proposed Transfer, which shall be based on the book value of assets and liabilities of the Instamart Undertaking determined as on the effective date of the Proposed Transfer. The transfer is aimed at developing a focused, efficient, and strategically aligned corporate entity for the long-term development and performance of the Instamart business along with enhanced flexibility in deployment of resources.
Swiggy is a consumer-first technology company offering users an easy-to-use convenience platform - to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through on-demand delivery network.
