Actor Amitabh Bachchan’s family office has reportedly bought a minority stake in foodtech major Swiggy by purchasing the shares held by Swiggy’s employees and early backers
The report further said that stock broking platform Motilal Oswal Financial Services’ chairman Raamdeo Agrawal also bought a stake in Swiggy
Weeks back, the IPO-bound foodtech major strengthened its quick commerce business Instamart with four new vice president appointments across various roles
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Actor Amitabh Bachchan’s family office has reportedly bought a minority stake in foodtech major Swiggy. This comes at a time when the company is targeting a valuation of $15 Bn for its initial public offering (IPO) of $1 Bn to $1.2 Bn.
As per Economic Times’ report, Bachchan’s family office picked up the stake by purchasing the shares held by Swiggy’s employees and early backers. However, the financial terms of the deal remain undisclosed.
The report further said that stock broking platform Motilal Oswal Financial Services’ chairman Raamdeo Agrawal also bought a stake in Swiggy.
This poses a very attractive opportunity for Swiggy in terms of its quick commerce arm Instamart’s position in the market, with big bets from investors aside from ecommerce giants like Amazon.
Inc42 has reached out to Swiggy for comments on the development. The story will be updated based on the response.
Weeks back, the IPO-bound foodtech major strengthened its quick commerce business Instamart with four new vice president appointments across various roles.
The development follows the growing interests of companies operating under various industries such as ecommerce, logistics and food delivery among others, are betting big to expand their services in the quick commerce sector.
This is fed by the consumers’ growing lifestyle of shopping groceries to grooming at their comfort in their space. Zepto, Instamart and Zomato-owned Blinkit have been reigning the chords of quick commerce in the country, and benefitted most from the booming preferences.
Swiggy posted a 24% jump in its revenue in the calendar year 2023, excluding mergers and acquisitions, Dutch investment firm Prosus said in its 2024 annual report.
Meanwhile, its quick commerce business Instamart clocked a higher GOV than that of the ecommerce industry, fueled by geographical penetration and stock-keeping unit expansion.
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