The family office of Bollywood superstar Amitabh Bachchan has acquired a small stake in Swiggy, the quick-commerce giant, according to a report. While the exact details of the financial transaction remain undisclosed, the investment is reported to be significant, as per Economic Times. This move comes as the quick-commerce industry experiences growing interest due to the increasing demand for faster delivery services.
The investment by Bachchan's family office follows reports that Swiggy is preparing for an initial public offering (IPO) with a target valuation of $15 billion. The stake was reportedly acquired by purchasing shares held by the company’s employees and early investors.
Other Notable Stakes in Swiggy
In addition to Bachchan, Motilal Oswal Financial Services chairman Raamdeo Agrawal has also taken a stake in Swiggy. Agrawal similarly invested in the quick-commerce firm Zepto through its $665 million funding round. According to the report, these secondary share sales valued Swiggy at approximately $10-11 billion.
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Swiggy IPO
Swiggy is aiming for a valuation of around $15 billion for its upcoming IPO, with plans to raise $1-1.2 billion, as reported by Reuters. If successful, this would be one of the largest IPOs in India this year. Swiggy is currently in fierce competition with Zomato in the online food delivery sector and has also expanded into quick commerce, offering grocery and product deliveries in just 10 minutes.
According to Reuters, Swiggy received approval from its shareholders in April to go ahead with an IPO to raise up to $1.25 billion. The Securities and Exchange Board of India (SEBI), the capital markets regulator, is expected to give the green light to Swiggy’s confidential filing within a month. Once SEBI approves, Swiggy will file a public prospectus.
The report also mentioned that Swiggy is aiming for a valuation of around $15 billion with this IPO, although the final amount could change. In its last funding round in 2022, led by Invesco, Swiggy was valued at $10.7 billion.
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