Swiggy IPO: Amitabh Bachchan's Family office Acquires Stake In Food Aggregator Platform
Swiggy IPO: swiggy, which is backed by SoftBank, is preparing for its highly anticipated IPO, with sources indicating that the company is aiming to raise between $1 billion and $1.2 billion
Swiggy IPO: The family office of legendary actor amitabh bachchan has acquired a small stake in swiggy, according to a report by the Economic Times. While the exact details of the financial transaction remain undisclosed, the investment is considered significant. This development comes as the quick-commerce industry witnesses growing interest due to the rising demand for faster delivery services
The report follows news that swiggy is gearing up for an initial public offering (IPO), with a target valuation of $15 billion. The Bachchan family's stake was reportedly acquired through the purchase of shares from the company’s employees and early investors.
In a related development, the report also noted that Raamdeo Agrawal, chairman of Motilal oswal Financial Services, has acquired a stake in Swiggy. Agrawal has also invested in another quick-commerce firm, Zepto, during its $665 million funding round. These secondary share purchases are believed to value swiggy at approximately $10-11 billion.
Swiggy, which is backed by SoftBank, is preparing for its highly anticipated IPO, with sources indicating that the company is aiming to raise between $1 billion and $1.2 billion. This would position Swiggy's IPO as one of the largest in india this year.
Swiggy is a major player in India's online food delivery market, where it faces intense competition from rival Zomato. Both companies have expanded beyond restaurant deliveries, heavily investing in the quick-commerce sector, which offers grocery and product deliveries in as little as 10 minutes.
In April, Swiggy’s shareholders approved plans for the IPO, which could raise $1.25 billion in capital. The company’s confidential filing is expected to receive approval from India’s market regulator in the coming weeks, setting the stage for the public release of the prospectus. swiggy has declined to comment on the IPO, citing a policy against market speculation.
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